First review of state pension age announced
The government has announced that John Cridland CBE will lead the UK’s first independent state pension age review. The review will consider changes in life expectancy, along with other changes in society, and this may affect changes to the state pension age after 2028.
A review of state pension age in each parliament had previously been planned in conjunction with wider changes to the state pension. This announcement now gives more details of the scope and timing of the review. John Cridland will report to the Secretary of State for Work and Pensions by May 2017 and his report will focus on the longer-term and will not affect the state pension age changes already planned for the period up to April 2028, by which time state pension age is due to rise to 67. The review will assess whether the current system is sustainable in the long-term. Many commentators have stated that the state pension age will need to rise to over 70 for it to remain sustainable and affordable for future generations.
To find out more you can read the Department for Work and Pensions press notice by clicking here.