Demands to delay rises in the state pension age

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Demands to delay rises in the state pension age
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As the government sets up a review, a report suggests there is no justification to change it from 66.

Plans to raise the state pension age from 66 should be shelved because we are not living as long as previously expected, a new report has suggested.

However, since those plans were drawn up, official estimates of longevity have been scaled back, even before the effect of the Covid pandemic. Steve Webb, partner at LCP and a former pensions minister, said: "The government's plans for rapid increases in state pension age have been blown out of the water by this new analysis.

"The government needs to make sure that decisions on how to manage its costs are, robust, fair and transparent for taxpayers now and in the future. It must also ensure that as the population becomes older, the state pension continues to provide the foundation for retirement planning and financial security," the DWP said.Pensions experts have called for a rethink in the way state pension ages are calculated.

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