State pension age 'should be raised to 70' to save Government from funding crisis

Current plans to increase pension age should be brought forward by 15 years

Money, Department For Work &Amp

1/18/2022 12:55:00 PM

The state pension age must rise much faster than currently planned and millions of workers should be forced to wait longer until retirement, according to a stark new think tank report

Current plans to increase pension age should be brought forward by 15 years

Billions of pounds will be added to the Treasury’s state pension bill, which currently sits at more than £100bn a year, unless the minimum age is increased sooner, the International Longevity Centre has warned. The total cost has tripled since 2000 and could soon become “unsustainable”, its analysis found.

Currently, the state pension age is 66 and two further increases have been set out in legislation – a rise to 67 for those born on or after April 1960 should come into effect by 2028, and a rise to 68 between 2044 and 2046 for those born on or after April 1977.

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The state pension age must rise much faster than currently planned and millions of workers should be forced to wait longer until retirement, according to a stark new think tank report. Billions of pounds will be added to the Treasury’s state pension bill, which currently sits at more than £100bn a year, unless the minimum age is increased sooner, the International Longevity Centre has warned. The total cost has tripled since 2000 and could soon become “unsustainable”, its analysis found. Currently, the state pension age is 66 and two further increases have been set out in legislation – a rise to 67 for those born on or after April 1960 should come into effect by 2028, and a rise to 68 between 2044 and 2046 for those born on or after April 1977. However, the timeline will need to be brought forward for the system to remain “intergenerationally fair” and “fiscally sustainable”, according to Les Mayhew, of the think tank. The Government’s timetable should be accelerated by 15 years, with the state pension age rising to 68 by 2031, to keep up with an ageing population, the report said. This means those age 57 today would have to wait an extra year to unlock their state payouts. The change would keep the ratio of people in work to those on the state pension in balance and ease the funding burden, it said. However, the state pension age would have to rise to 70 by 2040. The Government could also link the state pension age increases to improvements in life expectancy, which would trim 6pc off its total costs, the report found. This would require an increase to age 68 by 2032. In December, the Government launched a statutory review into increasing the state pension age, with findings set to be published in May 2023. There are plans to accelerate the current timetable, to increase the state pension age from 67 to 68 between 2037 and 2039, seven years earlier than the previously legislated date. A spokesman for the Department for Work and Pensions said: “The review will consider whether the rules around state pension age are appropriate, based on a wide range of evidence including latest life expectancy data.” Any changes to the state pension age have previously proven to be controversial. Millions of so-called "Waspi" women argued they had been discriminated against after the Government equalised the state pension ages for men and women between 2010 and 2020.