You may have heard the details of the Autumn statement on Tuesday 29^th November, which was slightly overshadowed in press coverage by the mass strike on Wednesday.

State pension age will now increase to 67 for men and women in stages between 2026 and 2028. This had originally been scheduled to occur between 2034 and 2036 but has been bought forward by 8 years, as the Government try to manage the cost of the State Pension due to the rise in life expectancy.

So if you are now 50, under the new rules (unless it changes again!) you will not receive your state pension until you are 67 and not 65 as you may have thought last week. This change to the timetable is not yet law and does require approval from Parliament.

This of course does not include the other rise planned for 2044 when the increase to 68 is planned for those born after 5 April 1977. Given the recent announcement I would bet against this being brought forward too.

This trend of moving the retirement goal posts (further away) may continue and highlights the need for personal retirement income provision other than relying on your State Pension. This is not just a case of how much you will receive but also when you’ll receive it.  Through some careful planning you might be able to retire when you decide and not have to wait for your state pension.

For more details and the exact phasing in dates and ages go to http://direct.gov.uk