The state pension age is currently rising, with this set to reach 66 for men and women by October 2020. Further changes mean it will then increase to 67 between 2026 and 2028. Under current law, the state pension age was due to increase to 68 between 2044 and 2046. Following a review, in 2017, the government announced plans to bring this forward, to between 2037 and 2039.
A new report by the Centre for Social Justice (CSJ), fronted by former Conservative party leader Iain Duncan-Smith, has proposed accelerating the plans.
According to the report, the suggestion comes in a bid to boost the UK economy.
It proposes a major overhaul of the state pension age, raising it to 70-years-old within 10 years, by 2028.
The think-tank has also suggested raising the age again to 75-years-old by 2035.
The CSJ said the plans are required in order to “reduce involuntary worklessness” and would help the older generation “access the benefits of work”.
It also said that working longer “has the potential to improve health and wellbeing, increase retirement savings and ensure the full functioning of public services for all”.
The Department for Work and Pensions (DWP) stated that every workers’ state pension age is “unique to them”, and highlighted that the proposal has not been made by the DWP.
The DWP also said that the government is working towards “creating opportunities for people of all generations”.
A spokesperson for the DWP told Express.co.uk: “Everyone’s State Pension age is unique to them and in 2017 we raised the future retirement age to 68 so that it is sustainable now and for future generations.
“We’re creating opportunities for people of all generations with record employment.”
Andy Cook, CSJ chief executive, said: “Working longer has the potential to improve health and wellbeing [and] increase retirement savings…
“Right now, we are not doing enough to help older people stay in work, and the state pension age doesn’t even closely reflect healthy working life expectancy…
“By increasing the state pension age, we can help people stay in gainful and life-enhancing employment while also making a sound long-term financial decision.”
However, Jan Shortt, National Pensioners Convention general secretary, said: “There is no way we’d support working until you are 70.”
Gill Moffett of Independent Age said: “It could particularly affect some of the most vulnerable people in our society, like older people who can’t work due to illness, disability or caring responsibilities.”