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State pension age review needed to ensure system ‘affordable’ – Reeves

By Stephen Price
Chancellor Rachel Reeves. Photo Lucy North/PA Wire

Chancellor Rachel Reeves has said a review into raising the state pension age is needed to ensure the system is “sustainable and affordable”.

The Government review is due to report in March 2029 and Ms Reeves said it was “right” to look at the age at which people can receive the state pension as life expectancy increases.

The state pension age is currently 66, rising to 67 by 2028 and the Government is legally required to periodically review the age.

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"Right"

The Chancellor told reporters: “We have just commissioned a review of pensions adequacy, so whether people are saving enough for retirement, and also the state pension age.

“As life expectancy increases it is right to look at the state pension age to ensure that the state pension is sustainable and affordable for generations to come.

“That’s why we have asked a very experienced set of experts to look at all the evidence.”

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Report

The review was announced by the Department for Work and Pensions on Monday and will involve an independent report, led by Dr Suzy Morrissey, on specified factors relevant to the Review of State Pension Age along with the Government Actuary’s Department’s examination of the latest life expectancy projections data.

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10 comments

Jeff

If you are rich then retirement is not an issue. Yet we worry about taxing that wealth and keep the burden on these that cannot afford it. Labour should be better than this.

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Bryan

We can't afford pensions and Brexit. So how about inviting all leave voters to delay their retirement by 5 years to help pay for the vanity project.

Reply
Howie

It seems the World Economic Forum and some of the Davos set have been found out telling porkies about Brexit.

Reply
Bryan

"allegedly" Meanwhile, state pension benefits are unaffordable since the self-sanctioning. Something must be done.

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Bryan

What's your proposal? Capping them at the private sector equivalent?

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Mab Meirion

Better lobby God for more than the three score and ten then...

Reply
Karl

It should focus on on us all actually getting to retire. They pushed up the age several times, with pathetic talk of ni going. Rather pay more and get to retire.

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hdavies15

Rachel like so many others is just talking serious bollox. Raise the state pension/ retirement age much more and people will be literally worked to death. She and her kind are well off - private wealth and fist full of decent pension entitlements - so don't need to worry. Most of the working electorate will rely on state pension plus any proceeds from modest self employed/ defined contribution schemes that have been ripped off by pensions/assurance providers.

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Ap Kenneth

Life expectancy is still below the pre-pandemic figure in 2019 so what is this quote about increasing life expectancy? If you say it enough everybody believes it? The number of centarians is also decreasing as the post WW1 baby boom finally fades. There is also an assumption that those retired do nothing. A number look after grandchildren as child care is hugely expensive, A large number are helping to care for even older elderly parents. Some pick litter or volunteer. Costs that could then fall on the state. Also do not forget the state pension is actually amongst the very lowest in Europe, working people have been cheated for decades.

Reply
Y Cymro

UK Labour Chancellor, or Chancer, of the Exchequer Rachael Reeves not only want to work us to the bone but also into an early grave it seems.

Reply

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Replying to Jeff Cancel

If you are rich then retirement is not an issue. Yet we worry about taxing that wealth and keep the burden on these that cannot afford it. Labour should be better than this.

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