State pension age could rise AGAIN as government launches review amid soaring costs
POT LUCK State pension age could rise AGAIN as government launches review amid soaring costs
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MILLIONS of Brits may face delays to their state pension as the government launches a review of the pension age.
Currently set at 66, the pension age is already scheduled to increase to 67 between 2026 and 2028, and to 68 between 2044 and 2046.
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Work and Pensions Secretary Liz Kendall giving a speech at the Coin Street Neighbourhood Centre in London, introducing the next phase of the Pensions Review
Credit: PA
However, experts have warned these timetables may need to be accelerated to keep the system sustainable.
Work and Pensions Secretary Liz Kendall has today announced a fresh review into the state pension age, currently set at 66, with plans to assess whether it remains appropriate given factors such as life expectancy.
The review, required by law every six years, is being launched earlier than expected, following warnings about the financial strain of supporting an ageing population.
The triple lock, which guarantees state pension increases in line with inflation, wages or 2.5%, has become increasingly expensive, with costs expected to hit £15.5 billion by 2030.
Experts warn this could make promises to maintain the policy unsustainable without raising the pension age.
The Institute for Fiscal Studies (IFS) has previously suggested the pension age may need to rise to 74 to fund the triple lock in the long term.
The announcement also follows warnings from the Office for Budget Responsibility that the UK's finances are on an "unsustainable" path.
It predicts that rising healthcare and pension costs could drive national debt to 270% of GDP by the early 2070s.
Meanwhile, workers aren't saving enough into private pensions.
Speaking in west London, Ms Kendall revealed that future pensioners are on track to be poorer than those retiring today, driven by skyrocketing living costs and insufficient pension savings.
She said that nearly half of working-age adults are not saving anything for retirement, adding: "Put simply, unless we act, tomorrow's pensioners will be poorer than today's."
Young people, in particular, are struggling to save due to housing costs, with many "killed by rent" and unable to get onto the property ladder, Ms Kendall said.
Ms Kendall also announced the revival of the Pension Commission to address concerns over declining retirement incomes.
The commission will provide recommendations by 2027 to boost savings and tackle pensioner poverty.
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