Will you need to wait until your mid-70s to get the state pension?

A new review of the state pension age has sparked fresh speculation over whether millions will have to wait longer to claim.

With costs rising and the population ageing, the timetable for increases could shift sooner than expected.

Here, Which? sets out what’s under review, what changes could mean for you and the steps you can take now to maximise your pension.

Why the state pension age is back under review

Under the 2014 Pensions Act, the government must review the state pension age every six years. The last review concluded in 2023, so this new announcement has come sooner than expected.

This third review is being led by independent expert Dr Suzy Morrissey. At the same time, the government actuary’s department (GAD) will publish updated life expectancy projections.

A review is designed to check whether the current timetable remains fair and sustainable. It considers factors such as life expectancy trends, generational fairness and the long-term cost of the state pension.

The 2017 and 2023 reviews both recommended accelerating the rise to 68. The Conservative governments in power at the time chose not to bring forward the change.

• Find out more: state pension age calculator

When you’ll get the state pension

The state pension age is currently 66, but this is legislated to rise to 67 between 2026 and 2028.

A further rise to 68 is planned between 2044 and 2046, although this could be brought forward significantly. If you were born after April 1977, there is still some uncertainty over the exact age you'll qualify. 

The 2023 review suggested moving the increase to 68 forward to between 2041 and 2043.

By law, there must be at least 10 years' notice before any change. With the latest review set to report in 2027, the earliest the shift to 68 could happen is 2037.

Those claiming the state pension in 2025-26 get a full level of the new state pension of £230.25 a week or £11,973 a year. 

• Find out more: how much state pension will I get?

Make your money go further

Find the best deals, avoid scams, and grow your savings with our expert guidance. From only £4.99 a month, cancel anytime.

Join Which? Money

Will 74 be the new 67?

The latest review assumes the triple lock guarantee will remain in place. Under the triple lock, the state pension increases each year by the highest of September inflation, July average earnings growth, or 2.5%.

Spending on the state pension is currently around 5% of GDP. (Gross Domestic Product). With the triple lock in place, this is projected to rise to 8% over the next 50 years. In 2023-24, state pension payments totalled £124bn.

If the triple lock is to be kept, it may be inevitable that the state pension age is increased higher and faster than currently planned.

The Institute for Fiscal Studies (IFS) has modelled what could happen if spending were capped at 6% of national income and the triple lock was kept indefinitely. It found the state pension age might need to rise to 69 by 2048-49 and to 74 by 2068-69.

The IFS has also argued that the triple lock should eventually be replaced once the pension reaches a 'socially acceptable' level, with future increases linked to either prices, earnings or a combination of both.

What the wider pension review could mean for you

The state pension age review is running alongside the revival of the Pensions Commission.

An earlier Pensions Commission, which ran from 2002 to 2006, led to the introduction of automatic enrolment.

The new Commission will be chaired by Baroness Jeannie Drake, who served on the original panel. She will be joined by Professor Nick Pearce of the University of Bath and Sir Ian Cheshire, former chief executive of Kingfisher.

The commission will report in 2027, examining how the pensions system is performing and whether it delivers good outcomes.

One focus will be on contribution rates. Under current auto‑enrolment rules, employers and employees must pay at least 8% of qualifying earnings into workplace pensions each year, with a minimum of 3% coming from employers.

• Find out more: pension reforms under review 

How to make the most of your state pension 

You can’t control when you qualify for the state pension – apart from choosing to defer it – but you can take steps to maximise what you receive.

1. Get a state pension forecast: a state pension forecast will help you get a better idea of how much you can expect to receive and whether you can increase this amount. 
2. Top up your state pension: if you have gaps in your National Insurance record, you can pay to fill them and boost your state pension. We outline how much voluntary contributions cost and how to buy them.
3. Check for errors and underpayments: thousands of parents and carers who took time out of work to look after children before 2010 may be missing out on state pension payments. We highlight how to check if you've been affected. 
4. Defer your state pension: you can delay claiming your state pension to boost the amount you get when you eventually start receiving payments. Which? Money details how much you'll get and whether or not it's a good deal.