23 August 2010
In response to the Department for Work and Pensions (DWP)
consultation on the state pension age, the Pensions Policy
Institute (an educational charity which provides non-political,
independent comment and analysis on public policy on pensions
and the provision of retirement income in the UK) has
said that the state pension age needs to rise to 72 within 20 years
to keep pace with increases in life expectancy.
According to the Pensions Policy Institute (PPI), in 1981,
people generally received their state pension for twenty five per
cent of their life, but by 2000, increased life expectancy had
increased this to thirty per cent and by 2010, to thirty three per
cent.
The PPI said that if the Government wanted to retain the amount
of time people received their state pension to the 1981 level, it
would need to increase the state pension age to 72 by 2030.
The PPI added that even if people were to receive their state
pension for around thirty per cent of their life, the state pension
age would need to increase to 68 within 20 years.
