Will the state pension age rise to 71?

Experts have suggested the state pension age should rise to 71 by 2050 to maintain the ‘status quo’ of workers per retiree. 

The report by independent think tank the International Longevity Centre said that the UK, along with several other European countries, faced the same dilemma: falling birth rates and longer life expectancy.

Not only will this make the state pension more expensive to fund in future, but the cost will be shared among fewer workers. 

Here, Which? explains why your state pension age is important, whether you’ll need to work until you’re 71 and what you can do about it.

Why is your state pension age important?

The state pension age is the age you must reach before you're allowed to access your state pension, which might make up a large part of your income when you retire.

The state pension age is currently 66 for both men and women, but two more increases are already set out in legislation. 

Between 2026 and 2028 it will gradually rise to 67 for those born on or after April 1960, with another gradual rise to 68 between 2044 and 2046 for those born in or after 1977.

• Find out more: state pension age calculator

Should the state pension rise to 71?

The International Longevity Centre’s Healthy Ageing and Prevention Index claimed the retirement age may need to rise to 71 by 2050 for middle-aged workers across the UK.

It forecasts the number of people over state pension age will grow significantly, but the proportion of the working-age population to support them will start to fall.

The analysis found that at a pension age of 65, a ratio of 20% equates to five workers per one retiree but the UK and at least 20 other countries are on track for a ratio of 50% by 2050. This would mean just one worker per one retiree. 

One of the key reasons workers are leaving the workforce before they reach state pension age is due to poor health, the report claimed. 

One solution recommended in the report would be to enable people to work longer, but this is challenging as research shows that by the age of 70, only 50% of adults are disability-free and able to work. 

• Find out more: how to plan for retirement 

'Raising state pension age feels like a blunt instrument'

Pension experts from across the industry broadly agreed that raising the state pension age would be a shock for many. 

Pension Bee said it was an ‘alarming prospect' and could lead to a greater pre-state pension gap, where people are using their private pensions to support them for longer before they receive their state pension. 

Becky O’Connor, director of public affairs, said: 'There’s a risk that people could use up too much of their private pension savings early in retirement if they had to stop work before state pension age, possibly leading to greater poverty in later old age.'

Meanwhile, pension provider Aegon urged political parties to detail their state pension plans ahead of the next general election.

In response to the report, the Department for Work and Pensions (DWP) said it would continue to ensure the state pension is sustainable and a ‘fair foundation of income’ for future generations. 

A DWP spokesperson said: ‘The over-50s are an asset to our economy which is why we committed £70 million in employment and skills support for them at last year’s Spring Budget. This investment is already paying off with an extra 54,000 over-50s added to company payrolls in the last year.

'Our £2.5 billion Back to Work plan is supporting people to stay fit and find work in addition to £14.1 billion to improve health services and help people live longer, healthier lives.'

• Find out more: pension calculator – how much money you'll have 

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When will the next review take place?

The Pensions Act 2014 requires the Secretary of State for Work and Pensions to regularly review the state pension age.

This is because, as the number of people over state pension age increases, the government must ensure it remains sustainable and affordable for current and future generations.

These reviews are informed by life expectancy data, the economic position and labour market, and the latest demographic trends.  

In March 2023 the government shelved plans to bring the state pension age to 68 sooner than planned. 

The latest review confirmed the rises to 67 between 2026-2028 will take place as planned, and that another review will be carried out within two years of the next Parliament to reconsider the rise to 68.

This means we can expect the issue to be looked at again in 2026.

The government also added it was committed to the principle of providing people with 10 years' notice of changes to the state pension.

• Find out more: how much will the state pension rise this year?

How to prepare for state pension age changes

Although no changes are planned for now, as the government regularly reviews the state pension age, it’s a good idea to check the following: 

Find out how much you’ll need to retire

According to our cost-of-retirement survey, a household of two needs an income of at least £28,000 a year for a ‘comfortable’ retirement that includes some luxuries such as European holidays and meals out.

To generate that income we estimate you'd need £115,000 to £131,000 in your private pensions.

• Find out more: how much will you need to retire

Check your state pension forecast

The state pension forecast will provide you with an estimate of how much state pension you could get when you reach state pension age. 

It will also show the number of qualifying years of contributions on your National Insurance record and any gaps.

• Find out more: how to check your state pension forecast

Check your workplace pension 

Pension providers will send you a statement each year to tell you how much is in your pension pot. 

You can also ask for an estimate of how much you’ll get and when to start taking your pension pot. If you can, you should consider upping your contributions from the minimum 5% while you're still working. 

Some employers will match your contributions, so if you can increase them, even just by 1%, it could make a huge difference to your overall pot – especially if you start early.

As with all pension contributions, you'll also benefit from tax relief.

• Find out more: workplace pensions explained