he Pensions White Paper describes the future of the state pension into the 21st century. Commissioned by the government, it has “cross-party” support so is likely to be followed whoever is in power.

So what does the Pensions White Paper mean for your pension and your retirement?

Here are some of the main points:
 
The state pension age is set to increase starting in 2024 with the age for men and women moving up to 66 years from 65 years (its currently 60 for women)

In the future, the state pension will be higher with increases linked to earnings not prices. This is good news for you as the annual rises will be larger.

The number of years it takes for you to qualify for a full state pension will drop down to 30 years
 
The main point here is that while you state pension will be more generous in the future, you will have to wait longer to get it as the pension age is increased.
 
Although you will have to wait longer to collect your state pension, this does not necessarily mean that you will have to work longer. You may still retire early if your employer agrees. It will be up to you to decide whether you are able to afford to retire early.
 
Most of these reforms are expected to be phased in over the next decade.