Chancellor George Osborne recently announced that the state pension age will rise to 66 by 2020 for both men and women. The increase from 65 to 66 will be phased in from 2018. This brings the previous Labour Government’s plans forward by six years.
Pushing up the state pension age to 66 in 2020 will accelerate the existing plan to equalise male and female pension ages. This will now be achieved by November 2018.
The timescale for raising the pension age to 67 and 68 is also likely to be accelerated.