Spending Review: State pension age will hit 66 by 2020

The Department of Work and Pensions will make the change in a bid to save £5bn every year by the end of the next Parliament. Under Labour, the state pension age was to rise to 66 in 2026, 67 in 2036 and 68 by 2046. As shadow chancellor, Osborne said in 2009 he would raise the state pension age (SPA) from 2016, rather than 2020. Chancellor George Osborne said the change will be achieved with a gradual increase starting in 2015. This means an acceleration in raising the pension age for women, at a new rate of 3 months in every 4. The reform of public sector pensions will save £...