The government has launched another review of the State pension age (SPA).

It comes as SPA, currently 66 for both men and women, is due to increase to 67 from 2026 to 2028.

A further increase to 68 is also scheduled – although not until 2044. The current review will consider whether this should be brought forward.

It will also look at the merits of linking the SPA to life expectancy, a practice that is common in several European countries.

Wide-reaching review

Given life expectancy has stalled, you might assume that it will be years before the SPA is raised to 68, or beyond. But this actuarial data isn’t being considered in isolation. The review will also consider the longer-term sustainability of the State pension, including the potential savings from raising the age.

Those approaching retirement should check when they will receive their State pension – particularly if their 66th birthday is after April 2026. You can check what you will get and when at gov.uk/check-state-pension.

However, it’s important to remember you don’t have to take your State pension on that date. Those who do not need this income, perhaps because they’re still working, or have pensions or income from other sources, can defer. They will receive an uplift of around 5.8% for each year deferred, when they do start to take the benefit. But of course, those who defer are not receiving this money in the interim, so may not necessarily be better off overall.

Ultimately, whether it pays to defer depends on how long you eventually live, which none of us knows in advance. There may also be tax implications to take into account, so speaking to an adviser about your options is important.