Minister confirms huge update on state pension age review

The House of Commons has announced a review of raising the state pension age, which could affect millions of Britons.

Mel Stride, the Work and Pensions Secretary, briefed MPs on the latest statutory review of the retirement age.

The state pension age was set to rise to 68 in 2044, but reports earlier this year suggested ministers wanted to push that up to 2035.

Stride, however, told MPs on Thursday that now is not the time to make the change, and that plans to raise the state pension age to 68 may be postponed.

The state pension age of 66 is legally set to rise to 67 between 2026 and 2028, and to 68 between 2044 and 2046.

In light of falling life expectancy rates, the Work and Pensions Secretary will consider pausing the increase.

The government is required by law to examine planned changes to the system every six years, and the most recent review considers factors such as the costs involved and life expectancy, which is no longer expected to rise as quickly as previously projected.

Stride told MPs: “Given the level of uncertainty about the data on life expectancy, labour markets and the public finances, and the significance of these decisions on the lives of millions of people, I am mindful a different decision might be appropriate once these factors are clearer.

“As a result, I intend to conduct another review within two years of the next Parliament to reconsider the age increase to 68.”

A decision on raising the retirement age for Britons is now expected within the first two years of the next Parliament.

See also
Sleepy Joe Biden Ditches Historic Coronation while THESE World Leaders Make Time

According to the Work and Pensions Secretary, the current rules for raising the retirement age from 67 to 68 “remain appropriate, and the Government does not intend to change the existing legislation prior to the conclusion of the next review.”

The age limit is currently set to ensure that no one spends more than one-third of their adult life in retirement. Stride, however, stated in his statement to Parliament that the increase in life expectancy has slowed.