28 July 2017

More than seven million people are set to lose nearly £10,000 because of government plans to raise the state pension age ahead of schedule.

This is according to research by the House of Commons Library, which concluded that each person affected by the decision to raise the state pension age to 68 for those now in their late 30s and early 40s will lose £9,800.

Under the new plans, men and women will both be able to take out their pensions at the age of 65 from 2018, but this will quickly rise to 66 in 2020 and 67 in 2028, after a review by former Confederation of British Industry Director General John Cridland recommended that state pension age rises should be accelerated.