State Pension age review 2023
30 March 2023
The latest government State Pension age review has been released and confirms what rumours in recent days have speculated, the decision to increase the age to 68 has been delayed.
The review states the slowing of life expectancy growth as a major reason for delaying the decision. However, it did also note uncertainty over the figures because of significant external challenges, such as the pandemic.
There will, therefore, be a further review within the first 2 years of the next parliament. The next general election can take place no later than 28 January 2025, so, this review will be expected by early 2027 at the latest. This would still allow the ten years notice of changes that the government is committed to should the raise to 68 still be brought forward to between 2037/39.
The rise in State Pension age from 66 to 67 is still scheduled to take place between 2026/28.
The report goes into detail on the calculation of life expectancy, pension related expenditure and the recommendations made in Baroness Neville-Rolfe’s report.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.