Need UK state pension age review to ensure system affordable? Reeves
UK 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 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.
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.’
The review was announced by the Department for Work & Pensions on Monday and will involve an independent report, led by 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.
By David Hughes, PA Political Editor
Press Association: Finance
source: PA
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