The UK government announced on Monday that it will launch a new review into the state pension age—a critical element influencing the country’s public finances—while also re-evaluating how

much workers contribute toward their retirement.

"Alongside reviving the Pensions Commission, I am also announcing the launch of the next statutory Government Review of State Pension age," said Work and Pensions Secretary Liz Kendall.

Currently, the state pension age is set at 66. A previous government plan outlined a gradual increase to 67 between 2026 and 2028. Additionally, a separate review is expected to examine the possibility of raising the age to 68 within two years of the 2024 general election.

In line with a 2014 law, the government is required to conduct a review of the state pension age every six years, considering demographic shifts and economic trends impacting retirement.