Rumoured changes to the state pension could push more older Britons into poverty, experts warn
Retirees may need to "wait longer" to access their state pension payments under rumoured changes being considered by the Labour Government.
A leading national charity has sounded the alarm over reports suggesting the Treasury is weighing up plans to accelerate the next state pension age increase to 68.
The Centre for Ageing Better has described the potential acceleration as "extremely unwise," pointing to the devastating impact of the previous rise to 66, which saw poverty rates among affected age groups double.
Dr Carole Easton OBE, the charity's chief executive, said: "It is extremely worrying if the Treasury is thinking of making the next rise in state pension age in just over a decade's time."
She added: "The Government needs to be very careful about making this change."
The charity argues that fundamental improvements to health outcomes and employment prospects for older workers must come before any further changes to pension age thresholds are implemented.
Notably, the charity highlighted that when the state pension age was raised to 66, poverty rates for 64-year-olds doubled.
A recent parliamentary committee report has cautioned that the consequences of the current transition to 67 are likely to be even more severe.
The timing of the reported Treasury plans has raised eyebrows, given that the same committee published its findings just days earlier, calling for greater financial protection for the most vulnerable individuals affected by the ongoing rise to 67.
Dr Easton said: "A recent parliamentary committee report warned the impact is likely to be even bigger now for the current rise to 67."
"Other than the substantial savings the Treasury will make from making people wait longer for their state pension, it is hard to see what evidence could be used to justify introducing the next rise sooner."
The charity's chief executive stressed that continuing to work until 68 remains far from typical.
She added: "Working until you are 68 is very far from the norm. Only one in five people currently do so."
The retirement expert pointed to a range of obstacles that make extended working lives unrealistic for many.
They added: "We need the Government to raise its ambitions for the proportions of people in their 60s who are in work. This should be as much a priority for the Government as raising youth employment rates."
The charity wants employers to root out age bias from hiring, redundancy and training practices, and to provide better support for older staff managing long-term health conditions, an area where the UK currently has one of the widest employment rate gaps in Europe.
