Later retirement for people in their 40s

PEOPLE in their 40s may have to retire later than previously planned.

Six million people will have to wait a year longer to get their state pension after the government changed the rules.

The rise in the pension age from 67 to 68 will now be phased in between 2037 and 2039, rather than from 2044.

It affects people currently aged 39 to 47.

It’s part of a move designed to save £74 billion by 2045/46, Work and Pensions Secretary David Gauke told the House of Commons.

He said that increases in life expectancy meant that those affected could still expect to receive more over their lifetimes than earlier generations.

Thelma Walker, Colne Valley Labour MP, criticised the changes as “hitting hard-working people unfairly”.

She added: “People work hard all their life to be able to enjoy retirement.

“With the suggestion of removing the triple lock on the state pension within the Cridland Report, it will cause more undue stress and pressure on people.

“Today I have joined the All Party Parliamentary Group (APPG) on Inequality in State Age Pensions, that affects women born in the 1950s.

“I will continue to raise the issues of unfairly moving the state pension age by seven years and the injustice of the scandal that is 1950’s state pension.”