After earlier speculation, it has been confirmed that the retirement age for judicial office holders will increase to 75 years.
The news came in the Ministry of Justice's response to a consultation on the issue.
Announcing the decision, The Lord Chancellor, the Rt. Hon. Robert Buckland QC MP, said: "Our judges, magistrates and coroners are world-renowned for their excellence, expertise and independence. It is right we hold on to them and do not cut off careers unnecessarily.
"Raising the retirement age will mean we can retain their invaluable experience, while ensuring that judicial roles are open to a wider pool of talent.
"It will also make sure our courts and tribunals can continue to benefit from a world-class judiciary, as we emerge from the pandemic and beyond."
According to The Telegraph, there are currently 1,000 vacancies for judges across England and Wales, with around 400 a year reaching the current retirement age of 70. Raising the retirement age should see many of those retained for a further five years.
Around half of the 13,177 Magistrates in England and Wales are expected to reach retirement age in the next decade, but an estimated 2,122 could be retained by changing the rules.
The Government is also investing £1 million to recruit more Magistrates from under-represented groups.
Ministers will legislate to increase the mandatory retirement age as soon as Parliamentary time allows.
Magistrates above 70 who have retired before the increase will be able to return to the bench if there is a need in their local area.
This is very welcome news. I have lost count of the number of knowledgeable and experienced colleagues who have left the bench on retirement, but would have happily offered years of further service.
Those older colleagues, who are generally under less pressure in terms of family and employment commitments, are often the first to lend a hand when the call comes.
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