Department for Work and Pensions starts the next review of State Pension age
15 December 2021
The Department for Work and Pension (DWP) has launched their second review of the State Pension age. The review, required by The Pensions Act 2014, will be published by 7 May 2023.
Looking at a wide range of evidence, the DWP will assess:
• The implications of life expectancy data
• The costs of state pension expenditure with an aging population
• Labour market changes that affect people’s ability to work over State Pension age
• The fairness and transparency of the legislative timetable
The last review, in 2017, advised that the second review should consider bringing forward the dates at which State Pension age would rise to 68 by seven years. Current plans are for this age to gradually rise to 68 between 2044 and 2046, this review could potentially see this changed to 2037 and 2039.
As the aging population grows, the government needs to carefully consider the impacts of the state pension on its finances. But to workers who are in the affected age range, this may be little comfort when the result is additional years of work and a shift to financial plans.
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