Money Box
Summary
The State Pension age in the UK has increased from 66 to 67 this week, with plans to rise to 68 by 2046. An independent review is underway to decide if the future pension age should change based on new life expectancy data. Also, mortgage rates have reached their highest level in three years, affecting many home buyers and owners.Key Facts
- The official State Pension age rose from 66 to 67 this week in the UK.
- Current law plans for the pension age to increase to 68 by 2046.
- A third State Pension Age Review is examining whether pension age rules should change due to updated life expectancy information.
- Dr. Suzy Morrissey was appointed to prepare an independent report on future pension age policy.
- Former Money Box presenter Louise Botting died at age 87 after a brief illness.
- Average mortgage interest rates are at a three-year high, impacting remortgages and first-time homebuyers.
- The Bank of England has chosen a hedgehog, barn owl, puffin, and bumblebee to be featured on upcoming banknotes after a public vote involving nearly half a million people.
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