Ministers 'delay' state pension age rise to 68 – but over 50s must still wait longer for payments
The plan to bring forward the increase in the state pension age to 68 has reportedly be “delayed” by ministers. However, as the hike to 67 is set to go ahead as planned, over 50s still face a longer wait for their payments from the Department for Work and Pensions .
In what Chancellor Jeremy Hunt branded his 'Back to Work Budget', he also announced that the lifetime allowance on pension savings would be abolished, meaning those with large amounts of money in their pension schemes would not have to pay extra taxes if they save beyond a certain threshold. Dean Butler, managing director for customer retail at Standard Life, explained how reports of a hike in the state pension age had caused anxiety. He said: “The news that further increases to state pension age have been delayed will be met with a sigh of relief from those who would have been affected.
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