15 May 2023
Secretary of state for work and pensions, Mel Stride spoke in parliament and suggested that the state pension age will not be raised to 68 until, between 2041 and 2043.
As life expectancy falls within the UK, this has called for a revision of the retirement age increases. A recommendation of the rise from 66 to 67 years of age, will happen between 2026 and 2028. It was also reported that a further review is to be undertaken within two years of the next parliament. However, details given indicated that the government stands by the triple lock for pensions.
The work and pensions secretary, Mel Stride said:
‘‘It has been in legislation since 2014 and will continue to give certainty to those planning their retirement.
Given the level of uncertainty about the data on life expectancy, labour markets and the public finances, and the significance of these decisions on the lives of millions of people, I am mindful that a different decision might be more appropriate once those factors are clearer.
The current rules for the rise from 67 to 68 therefore remain appropriate and the government does not intend to change the existing legislation prior to the conclusion of the next review.
The government remains committed to the principle of 10 years’ notice of changes to state pension age and will ensure that any legislation can be brought forward in a timely manner.’’
Many believe that if the state pension age and cost-of-living continues to soar, senior citizens will struggle to stay in full-time work and may have to wait longer for pensioner benefits.
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