Overview
- The state pension age is set to rise from 66 to 67 between 2026 and 2028, with a further legislated increase to 68 in 2044–46 and a new official review of future ages under way.
- Former pensions minister Sir Steve Webb has proposed a minimum guaranteed five-year payout, including to heirs if death occurs within five years, alongside raising pension age by one year each decade to target roughly 20 years of payments.
- Under the Triple Lock, the full new State Pension is expected to increase to about £241.30 per week from April 2026, with the basic rate rising to around £184.90, pending Budget confirmation.
- With tax thresholds frozen, experts say the full state pension is on track to approach and potentially exceed the personal allowance by 2027, bringing some pensioners into income tax.
- The OBR projects state pension spending rising toward 7.7% of GDP by the early 2070s, while campaigners caution that faster age rises risk unfairness for people in poorer health or in deprived areas and changes are bound by a 10‑year notice principle.