Should you be allowed to claim your state pension early?

At the moment the universal state pension age is 66, but it will go up to 67 by 2028 and 68 by 2046, and may well increase further because of the pressure on the public finances from rising longevity. But given that the state pension age is going up and up, shouldn’t you have the option to claim some sort of reduced state pension at an earlier age?

Heidi Karjalainen, a senior research economist at the Institute for Fiscal Studies

There are several issues with this proposal. Allowing early access would mean that those approaching retirement would have to make a complex financial decision with long-lasting consequences.

Those claiming early would have to lock in a lower income for life, increasing the risk of hardship