The Secretary of State’s Work and Pension Department has appointed Suzy Morrissey to prepare an independent report ahead of the third review of the National Pension Age.
Morrisey called for comment on what factors will be needed to determine the age of the state’s pension in the coming decades.
The government reviews state pension age every six years as part of the Pension Act 2014.
The independent report will cover the advantages of linking national pension age to life expectancy and the role of national pension age in managing the long-term sustainability of national pensions.
It will also study international experiences in automatic adjustment mechanisms to make decisions about state pension age.
The current legislative timetable is that between 2026 and 2028, the national pension age will increase to 67 between 2044 and 2046.
“The launch of the National Pension Age Review is a critical step in the long-term future for retirees to provide this very important core benefit to help model individual plans and cash flows they are doing now,” David Pye, Director of Client Consulting at Broadstone, said in a comment announcement.
“As the population ages, previous governments have used the growing state pension age to control costs, especially during the squeaky public finance period. However, it is interesting whether the final report recommends any different reports related to life expectancy and changes in our health environment.”
“If state pension age increases or decreases the amount or economic tests provided, it will only reconquer the need for urgent reforms in the private savings landscape to ensure adequate income at retirement.”
