Concerns Rise Over UK Pension Age as Retirement at 74 Looms

LONDON, July 3, 2025 – Growing alarm surrounds the future of the UK’s state pension system as new analysis warns that millions could be forced to work until age 74 unless the government reforms the pension triple lock policy. The Institute for Fiscal Studies (IFS), a leading think tank, cautioned that without urgent changes, the cost of maintaining the triple lock—which guarantees annual state pension increases by the highest of wage growth, inflation, or 2.5%—could soar to £40 billion a year, placing unsustainable pressure on public finances.

The current state pension age is 66 for both men and women, but the government has already legislated a rise to 67 by 2028, with a further increase to 68 under review and possibly accelerated to the mid-2030s. However, IFS modelling suggests that to keep pension spending below 6% of national income while retaining the triple lock, the pension age would need to rise to 69 by 2049 and 74 by 2069.

Experts warn this scenario would disproportionately impact lower-income workers, who are more likely to rely solely on the state pension and less able to extend their working lives due to health or job availability. “Without changes, poorer households could be forced to remain in the workforce much longer, raising serious concerns about financial security and wellbeing in old age,” the IFS report said.

Surveys reveal a stark gap between retirement expectations and reality, with younger generations expressing optimism about retiring comfortably but lacking concrete plans or sufficient savings to achieve this goal. The IFS and other policy experts are urging the government to consider reforms that balance fiscal sustainability with social fairness, such as modifying the triple lock or introducing additional support for those unable to work into their seventies.

Both major political parties have pledged to maintain the triple lock, but the mounting evidence of its long-term costs and the demographic pressures of an ageing population are intensifying the debate over the future of UK retirement policy.