Major change sparks fears Rachel Reeves could raise retirement age to 70 by 2030

The state pension age is currently 66 for both men and women and is set to rise to 67 between 2026 and 2027, and to 68 between 2044 and 2046.

Despite adequate notice of these major state pension age changes, many Britons are still uncertain about how the state pension system works.

Only 18 per cent of people know the current state pension age, according to new research. Awareness is particularly low among younger adults, with just 13 per cent of Gen Z (aged 18 to 28) answering correctly.

Generation X (aged 45 to 60) performed only slightly better, with 14 per cent identifying the correct age of 66, despite many being just a few years away from retirement

Standard Life’s 2025 Retirement Voice report also found that a third of people believe the state pension age will reach 70 or higher by 2030.

The government has promised to give at least ten years’ notice before making any changes, meaning the pension age is unlikely to rise beyond 67 before 2030.

Even so, concerns remain as ministers consider whether the pension age should automatically rise in line with life expectancy to help keep the system sustainable.

To address these questions, a review launched in August is gathering evidence and views from the public, experts and organisations on how to ensure the pension system remains fair, affordable and fit for the future.

The window for submitting views closes on October 24, leaving little time for those who want to have their say on the outcome.

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As part of the government’s review, officials will look at how other countries manage similar systems, including Denmark, which recently raised its retirement age to 70, due to take effect by 2040.

Denmark has linked its official retirement age to life expectancy since 2006 and is one of nine OECD nations to have adopted this approach. However, experts say bringing in automatic state pension age increases linked to life expectancy could cause chaos to people’s retirement plans, while there could be a steep rise in poverty and inequality among older people.

Lily Megson-Harvey from My Pension Expert emphasised that the state pension age assessment must “carefully consider the impact that raising the age further could have on millions of savers and how to help people engage with their pension options”.

She highlighted that extending working years isn’t feasible for everyone and would particularly affect those struggling to accumulate savings who depend heavily on state provision for retirement income.

Catherine Foot of Standard Life’s Centre for the Future of Retirement warned: “Raising the state pension age may ease pressure on the public finances in the short term, but it risks deepening inequality and hardship for those least able to work for longer.”

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Responses to the call for evidence can be sent by email to Independent.StatePensionAgeReport@dwp.gov.uk or submitted by post, addressing the questions set out in the consultation. There are more details on gov.uk.

Meanwhile, the pension triple lock – which guarantees annual increases in line with inflation, earnings or 2.5 per cent, whichever is highest – is coming under growing strain as costs continue to rise.

Forecasts from the Office for Budget Responsibility suggest maintaining the triple lock could cost £15.5billion a year by 2030.

September’s inflation figure of 3.8 per cent means pensioners will receive a 4.8 per cent increase for the 2026 – 27 financial year, taking the full state pension to £12,547.60 a year.

This rise alone will add around £7billion to government spending, pushing total state pension costs to £152.6billion and raising fresh concerns over the system’s long-term affordability.

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Public concern over retirement security is growing rapidly, with only half of Britons believing the state pension will still exist by the time they retire.

There is widespread doubt about the future of the triple lock, with fewer than three in ten people expecting it to remain in place when they reach retirement.

Standard Life’s research revealed that Generation X appears the most sceptical, with just one in five believing the guarantee will survive until their own retirement. Confusion about the current system also remains high.

More than a third of people think the state pension age has already risen to 67, while almost one in ten still believe it is 60.

Among younger generations, this misunderstanding is even greater, as one in five Gen Z respondents still believe the retirement age is 60.