Millions of UK workers could face delayed retirements, as experts warn that the state pension age could rise to 70 in the coming decades. The government has already committed to raising the retirement age from 66 to 67 between 2026 and 2028, followed by an increase to 68 between 2044 and 2046. However, there are growing concerns that this timeline could be accelerated due to the increasing financial strain on the state pension system.
With an ageing population and rising pension costs, some experts believe the government may have no choice but to push the state pension age even higher. While this move could help stabilise public finances, it would also mean millions of people would have to work longer before accessing their pension benefits—a change that would be particularly challenging for those in physically demanding jobs.
Could the Pension Age Rise to 70?
As concerns grow over the sustainability of the pension system, financial analysts believe that a state pension age of 70 or beyond is becoming increasingly likely. Aaron Peak, a personal finance expert at CredAbility, has warned that this could become a reality within the next few decades.
“If pension costs keep rising, we could see talk of pushing the age to 70 by the 2050s or 2060s.”
While this change would ease pressure on government spending, it is likely to be met with strong public resistance, especially from those in physically demanding professions who may struggle to work until 70.
“However, this will be a tough sell politically, especially for those in physically demanding jobs.”
The Future of the Triple Lock
Another major concern for retirees is the future of the triple lock, the policy that ensures the state pension rises each year in line with the highest of inflation, average earnings, or 2.5%. While this has helped protect pensioners’ incomes, some analysts argue that the policy is becoming unsustainable.
“The triple lock has been a lifeline for retirees, but it’s becoming harder to sustain. If wages and inflation keep rising sharply, the Government may need to rethink the policy within the next decade, either by tweaking the formula or setting a cap on annual increases.”
With inflation remaining unpredictable, the government could face increasing pressure to reform or replace the triple lock—a move that could significantly impact the financial security of future pensioners.
Could the Pension Age Rise Even Faster?
Some experts believe that the government may bring forward the existing plans to increase the pension age, meaning that workers could face earlier-than-expected changes to their retirement timeline.
Amy Knight, a personal finance expert at NerdWallet UK, suggests that the government may accelerate increases in the pension age to manage the rising cost of pensions.
“To ensure the UK’s pension system is sustainable, we could see the state pension age increase to 70 or older during the next two decades.”
She also warns that the government may push through these changes faster than originally planned, catching many workers off guard.
“The increases in the access age could be brought in at a faster rate than planned as the Government struggles to cover the rising bill.”
This could create significant financial difficulties for workers who had expected to retire earlier but may now need to continue working longer to qualify for their state pension.
Public Reaction: Why Many Are Concerned
Raising the state pension age has always been a controversial issue, with previous increases sparking public backlash. Many workers feel that they are being forced to delay retirement without enough time to adjust their financial plans.
“While it makes sense to delay the statutory retirement age as people live longer, previous increases in the UK and in other countries have been met with concern and anger from workers, who feel they do not have time to adjust their financial strategies and may be forced to effectively ‘unretire’.”
This highlights a growing concern among workers, particularly those who may not have adequate private savings to compensate for a later retirement age.
Are There Alternatives to Raising the Pension Age?
While raising the pension age is one possible solution, some experts argue that there are alternative ways to keep the pension system sustainable.
Steven Cameron, pensions director at Aegon, suggests a modification to the triple lock system, where pension increases would be linked to both inflation and long-term wage growth rather than the highest of three measures.
“Pensioners would receive an inflation increase as a minimum, and if over the previous three years wage growth has on average been higher than inflation, they’d get an extra uplift.”
This system would provide a more stable way of increasing pensions while ensuring that pensioners still benefit from economic growth without placing excessive financial pressure on the government.
What’s Next for the State Pension?
While the government has not officially announced plans to increase the pension age to 70, rising pension costs and an ageing population suggest that further changes are likely in the future.
If the state pension age continues to rise, it could mean:
- Longer working lives for millions of people, particularly those in physically demanding jobs.
- More pressure to save privately, as people will need additional funds to bridge the gap between stopping work and qualifying for a state pension.
- Potential changes to the triple lock, which could impact how much pensioners receive each year.
Final Thoughts: Will You Have to Work Until 70?
The state pension age debate is far from over, and with experts warning that an increase to 70 or beyond could be inevitable, workers must start planning for potential changes now.
For those currently in their 40s or younger, it is increasingly likely that they will need to work longer than previous generations before qualifying for a state pension. Ensuring adequate savings, private pensions, and retirement plans will be essential in navigating these potential changes.
With discussions already underway, the next few years will be crucial in determining whether the government will push ahead with these increases sooner than expected—and what it means for future retirees.
