A modification to the Pensions Bill that would increase the UK state pension age from 65 to to 68 is expected to be included in the Queen's speech.
In a bid to take into account the needs of women, the bill will also reduce the number of years of work needed to qualify for the full benefits of the UK pension to 30 for both men and women. Currently, many women fall short of the 39-year requirement of National Insurance contributions as many take time out to take care of children or relatives.
In addition to this, proposed changes also include the accumulation of contributions to be made on a weekly basis rather than being built up year by year, which means that those working part time or who only work part of a single year will be able to build up their entitlement.
The increase is expected to happen as part of a gradual process. The age is set to rise to 66 by 2026, 67 by 2036 and 68 by 2046, according to This Is Money.
The recommended alterations are a result of the findings of a review by the now defunct Pensions Commission conducted under Lord Turner, and are to be confirmed in the Queen’s speech.