Conservatives plan retirement age rise

The state retirement age for men will rise to 66 within seven years if the Conservatives win the next general election.

Shadow chancellor George Osborne said that the move is intended to tackle the budget deficit, and has not ruled out changing the state retirement age for women to 66.

The government has already announced plans to change the default retirement age to 66 between 2024 and 2026, but bringing the move forward would mean many more people than previously expected having to work a year longer before qualifying for a state pension. The 49 to 59 year old age group would be worst affected.

The Conservatives said that the change would save £13bn a year, the Times reported.

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