DWP weighs up state pension age rise amid 'pretty hairy' public finances warning
Work and Pensions Secretary Mel Stride has warned of a "pretty hairy" impact on public finances as the government weighs up whether to increase the state pension age. The latest chancellor Jeremy Hunt announced in his Autumn statement that the state pension age will be reviewed, prompting fears it could be raised sooner than previously planned.
It's thought that the review could recommend that already planned rises in state pension age - to 67 between 2026 and 2028, and to 68 between 2044 and 2046 - could be brought forward. Mr Stride this week said that life expectancy, the cost of the state pension and "intergenerational fairness" were being considered as part of an ongoing review, which would be published within six months.
He told MPs on the Work and Pensions Committee: "I think there are various moving parts in assessing where we should go with the state pension age. One of them is life expectancy and more precisely, what proportion of your life should we expect people to have in retirement as opposed to not in retirement?"
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