People born today won’t get state pension until age 77

The recent Queen’s Speech highlighted plans to overhaul the state pensions system. So when can today’s children expect to retire?

Someone born today is unlikely to receive their state pension until they reach 77 and their children will be working into their mid 80s. The Queen’s Speech outlined plans that the state pension age will be linked to longevity, after increasing it to 67 by 2028.

Our projections are based on the rate the state pension age has been accelerating and analysis of future life expectancies. They take into account recent figures, from the Office of National Statistics, that one-third of babies born in 2012 are expected to celebrate their 100th birthday. While people born today will be working for longer, increased life expectancies mean they can expect to spend longer in retirement - around 20 years on average.

People born today won’t get state pension until age 77: Where the state pension age is heading