Autumn Statement: State pension age to hit 67 by 2026

Chancellor George Osborne has confirmed the state pension age (SPA) will reach 67 by 2026.

The state pension age will already rise to 66 by 2020 instead of 2026 under previous plans. The move was anticipated after pensions minister Steve Webb said the government was considering the further rise in September. In his Autumn Statement, the Chancellor announced the government will increase the basic state pension by £5.30 per week from April next year, after rumours it would change the rules by which it calculates its "triple lock" for the benefit. The triple lock dictates state pensions must be paid by the highest of 2.5%, CPI inflation or wage inflation. Osborne said pe...