Warning DWP state pension age could rise to 70 from this date

Currently, men and women have to wait until their 66 - but this will increase to 67 between 2026 and 2028, and rise to 68 between 2044 and 2046

People could have to wait until their 70s to claim state pension, an expert has warned. Currently, men and women have to wait until they are 66 - but this will increase to 67 between 2026 and 2028, and rise to 68 between 2044 and 2046.

Given the "current pace of change", Chris Ball, managing partner at Hoxton Wealth, said if the state pension age was pushed to 70, it could "happen around the 2040s". However he said the Government would "need to strike a careful balance" between "financial sustainability and ensuring that people who’ve worked for most of their lives have sufficient support in their later years".

The Express reports that Mr Ball said there was a "clear trajectory" with legislation in place to move up the state pension age, but several factors could affect it when it happened.

READ MORE: Robbie Williams' wife Ayda Field shares 'difficult' family news and says 'we've all cried'

"The Government has already legislated for a gradual increase to 68, but whether the age will climb further will depend on factors like longevity trends, the strength of public finances, and the political landscape," he said.

The move to 70 would come at a later point, according to Fiona Peake, pensions expert at Ocean Finance. She said: "The prospect of the state pension age increasing to 70 and beyond is not far-fetched. With an ageing population and longer life expectancy, the Government faces growing pressure to maintain the viability of pension funds.

"While there are already plans to raise the state pension age to 68 by 2046, further increases could be introduced sooner than expected. Given the demographic trends, it’s likely the pension age could reach 70 by the 2050s, though no definitive timeline exists. The challenge is that many people, especially those in physically demanding jobs, may find it difficult to work into their late 60s or 70s."

However the state pension age increases, Mr Ball said it was important to have support in place to help people work longer. This could be done through flexible working or phased retirement, or retraining older workers so they have the skills they needed.

He added: "Supporting individuals in keeping their health and wellbeing is critical. Investments in preventative healthcare and mental health support, for example, would reduce the likelihood of people being forced to leave the workforce prematurely."

Currently the full new state pension stands at £221.20 a week. The full basic state pension pays 169.50 a week.