The Telegraph

Britons must work for longer and save more money. That’s the message from the Government as it launches an early review of the state pension age, which could see it raised faster than expected. But the political cost of forcing up to six million people to delay their retirement would be calamitous, writes Szu Ping Chan, our Economics Editor.

Work longer and save harder. That was Liz Kendall’s message yesterday as she warned that millions of us are not putting aside enough for the future, reports Szu Ping Chan.

It’s a bitter pill to swallow from a Labour government that’s already picking the pockets of working people and their bosses through higher taxes.

Kendall has instigated an early review of the state pension age, prompting speculation that she is preparing to raise it faster than anticipated.

Forcing up to six million people to delay their retirement – as would be the case if the Government brought forward plans to raise the state pension age to 68 from 2046 to 2039 – would go some way towards repairing Britain’s battered finances.

But at what political cost?

John Cridland, the former head of the Confederation of British Industry, who led a similar review of the state pension age for the Tories almost a decade ago, has warned that rising ill health means the Government will struggle to push the retirement age much higher.

He’s got a point. Official statistics show life expectancy has gone into reverse since the pandemic. If that’s the case, people should be retiring earlier, not later.
But as the welfare Bill continues to balloon, workers across Britain look destined to put in extra hours to enjoy the benefits of a state pension. The question is: just how late will they have to leave it before they retire ?