06 October 2009
George Osborne, the Shadow Chancellor, will announce today that
the state retirement age for men would rise to 66 under a
Conservative government, from 2016, ten years earlier than
planned.
The change, saving £13 billion a year from 2016, will be
portrayed by Mr Osborne as a tough measure showing how serious he
is about the soaring budget deficit, expected to rise this year to
£175 billion.
Under current government plans, between 2024 and 2026, 2034 and
2036 and 2044 and 2046, the state pension age for both men and
women will rise to 66, 67 and 68, respectively. Those born after 6
April 1959 are affected by these changes.
The women's state pension age was due to rise over a ten year
period from 60 to 65 from the 6 April 2010.
The Conservatives will set up a review to determine how the
first rise could be made ten years earlier, how it could be linked
to the rise in the women's age and how the men's age would rise
gradually in future years.
Mr Osborne will combine the announcement with a pledge to follow
Labour in linking the state pension to earnings rather than
prices.
