State Pension age is going to be kept under review (Image: Getty)

The State Pension age in the UK is not currently set to rise to 70 but a growing number of experts believe it is becoming increasingly likely over the coming decades. With the age already rising from 66 to 67 between 2026 and 2028, and a further increase to 68 already legislated for later this century, questions are growing about whether 70 will eventually become the new normal retirement threshold.

To understand where policy may be heading, I asked three pension and financial experts whether they believe the State Pension age will reach 70, and whether the timetable for any increase may need to be brought forward. While they expressed it in different ways, all three experts agreed on one fundamental reality — that the State Pension age is heading upwards due to increasing life expectancy and growing pressures on public finances.

Jason Hollands, Managing Director at Evelyn Partners, told the Express: “The government is committed to conducting periodic reviews of the State Pension age, and I believe there is a strong likelihood that it will eventually rise to 70. The main drivers are affordability, demographic change and the possibility that future advances in healthcare could extend both working lives and retirement periods.

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The experts agreed the State Pension age is likely to keep rising (Image: Getty)

“The direction of travel is already clear. The State Pension age has risen significantly over recent decades, with women’s State Pension age increasing from 60 to 66 and men’s from 65 to 66. It is already legislated to rise to 67 between 2026 and 2028, with a further increase to 68 currently scheduled. Against that backdrop, a future increase to 70 would represent an extension of an established trend rather than a radical policy shift.

“The cost of providing the State Pension has increased significantly since the introduction of the triple lock in 2011/12. Unlike some countries, the UK State Pension is funded from current taxation rather than being backed by a dedicated investment fund. As the population has aged and the triple lock has delivered real-terms increases in pension payments, the cost to the public finances has grown substantially, raising legitimate questions about the long-term sustainability of the system.”

“In fact, the cost of the triple lock has significantly exceeded many of the projections made when it was introduced, largely because inflation has been much higher than expected in the years following the pandemic. At the same time, the debate is no longer solely about affordability. There are also questions of intergenerational fairness. The triple lock has been successful in improving pensioner incomes relative to the working-age population, but critics argue that it places an increasing burden on younger taxpayers, many of whom face higher housing costs and greater debt burdens.

“Despite these concerns, there remains broad political support for the triple lock across the major Westminster parties. Pensioners represent a large and influential voting bloc, making politicians understandably reluctant to propose reforms that could reduce future increases in State Pension payments.”

He said there are several ways policymakers could address the rising cost of the State Pension, including reforming or replacing the triple lock, introducing some form of means testing, raising taxes, cutting spending elsewhere, or increasing the State Pension age. However, he warned that many of these options are “politically contentious”. As a result, raising the age at which people become eligible for the State Pension may ultimately prove to be one of the more politically achievable ways of controlling long-term costs.

He added: “Whether this ultimately happens will depend in part on future trends in longevity. While improvements in life expectancy have slowed in recent years, advances in areas such as obesity treatment, diabetes management and cancer care could lead to longer and healthier lives over the coming decades. While that would clearly be welcome news, it would also increase the challenge of funding retirement for an ageing population.

“Regardless of the precise timetable for future State Pension age increases, the broader direction of travel appears clear. Individuals are likely to need to rely more heavily on private and workplace pension provision than previous generations. Building adequate retirement savings, maintaining flexibility around retirement timing and avoiding over-reliance on the State Pension are therefore likely to become increasingly important components of long-term financial planning.”

Tim Grimsditch, Managing Director at Unbiased, also said a State Pension age of 70 is increasingly plausible if current trends continue.

“A state pension age of 70 is no longer a distant worst case — it is a credible destination if life expectancy and fiscal pressures continue on their current trajectory.

“The human cost of that shift should not be underestimated. ONS data shows the average retirement age in the UK is currently 66. If the state pension age reaches 70, millions of workers face a four-year gap during which they must entirely self-fund their retirement through private savings before receiving a penny of state support — and many will not have planned for it.

“That means if policymakers choose to go further and faster on raising the state pension age, they cannot leave those nearing retirement stranded. Robust transitional support — including bridging provisions for those who have spent decades planning around the current rules — must be part of any package.

“Whatever the government decides, the message to individuals is clear: do not wait for policy certainty before acting. Anyone with questions about their retirement provision should seek advice from a qualified financial adviser, who can help them build a plan that is resilient to whatever changes lie ahead.”

They said the State Pension age will likely need to rise because of long-term pressures (Image: Getty)

Lily Megson-Harvey, Policy Director at My Pension Expert, said the debate ultimately centres on whether people can plan for retirement with certainty.

She said: “The debate around the State Pension age is really about whether people can plan for retirement with any certainty. As people live longer and pressures on public finances continue, it is understandable that policymakers keep the timetable under review. But for many savers, the State Pension is a key part of their retirement plans, so any changes need to be handled carefully and with enough notice.

“This matters especially for people in physically demanding jobs, or those whose health may make working for longer unrealistic. People need clarity they can plan around, not constant uncertainty about when the goalposts might move.

“The Government’s decision to bring back the Pensions Commission reflects the scale of the challenges facing the retirement system and the need to think carefully about how it remains sustainable for future generations. However, any discussion about future changes must remain focused on the people affected by them.

“Savers need clear communication, greater access to regulated financial advice, and enough time to make informed decisions about their retirement. The State Pension should provide a foundation people can build on with confidence, alongside private pension savings and a long-term plan that reflects their individual circumstances.”