12 August 2010
Following the Department for Work and Pensions (DWP) call for
evidence for when to raise the state pension age (SPA), industry
figures have now responded to the consultation.
The Confederation for British Industry (CBI) proposed that any
changes should be deferred until 2020 but then increase the SPA to
68 by 2030, followed by an increase to 70 "by the 2030s."
The Pensions Policy Institute (PPI) said that an increase in the
SPA to 72 would be required to ensure that twenty five percent of a
person's life is spent in retirement, the same level as 1981.
Both Club Vita (a longevity comparison club founded by
consultants Hymans Robertson) and the Association of Consulting
Actuaries said the DWP needed to focus on the life expectancy of
those people most reliant on the state pension, rather than the
average life expectancy.
The consultation period ended on the 6 August.
