State Pension POLL: Do you support plans to raise pension age to 68? | Personal Finance | Finance

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The State Pension age marks the earliest age a person can claim their State Pension benefits from the Government. This currently stands at 66 for both men and women but could be increased to 68 this year following the report of a review. But do you support plans to increase the State Pension age? Vote in our poll.

The Pensions Act 2014 requires the Government to review the State Pension age every six years, with an increase to 67 expected between 2026 and 2028. The Government previously announced that the age would rise again to 68 between 2037 and 2039, earlier than the 2044 to 2046 timetable, but this could soon be brought forward again.

Chancellor Jeremy Hunt announced during his Autumn Statement that the current review of the State Pension age would be published in “early 2023”. The report is due in May this year according to the House of Commons library.

READ MORE: State pension age is changing – check when you can claim

Work and Pensions Secretary Mel Stride warned last year that the impact of increasing the State Pension age will get “pretty hairy” as he told the Work and Pensions Committee: “I think there are various moving parts in assessing where we should go with the [State Pension age].”

However, financial planning director at Evelyn Partners, Gary Smith, has suggested ministers bring the change forward even further. He explained: “Analysis has suggested that if the State {ension age rises to 68 a year earlier than planned, then the Treasury would save about £10billion. That fiscal benefit would only accrue for the Government in power at the time, and the Government of today might be wary of taking unpopular decisions that don’t benefit them.”

He added: “Announcing an increase in the pension age earlier than expected at the Budget next Spring would allow the Treasury to show it was taking hard decisions to improve the public finances.”

Similarly, senior pensions and retirement analyst at Hargreaves Lansdown, Helen Morrissey, told This Is Money: “Rumours suggest the Government wants to speed up the shift even more with a move to 68 potentially happening as early as 2032.”

So what do YOU think? Should DWP increase State Pension age to 68 earlier? Vote in our poll and leave your thoughts in the comment section below.

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