State pension age review needed to ensure system ‘affordable'
The Government review is due to report in March 2029 and Ms Reeves said it was 'right' to look at the age at which people can receive the state pension as life expectancy increases.
The state pension age is currently 66, rising to 67 by 2028 and the Government is legally required to periodically review the age.
The Chancellor told reporters: 'We have just commissioned a review of pensions adequacy, so whether people are saving enough for retirement, and also the state pension age.
'As life expectancy increases it is right to look at the state pension age to ensure that the state pension is sustainable and affordable for generations to come.
'That's why we have asked a very experienced set of experts to look at all the evidence.'
The review was announced by the Department for Work and Pensions on Monday and will involve an independent report, led by Dr Suzy Morrissey, on specified factors relevant to the Review of State Pension Age along with the Government Actuary's Department's examination of the latest life expectancy projections data.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: 'There will be many factors that need to be assessed during this review of the state pension age.
'One of the most important will be healthy life expectancy which according to the latest data hovers in the early 60s.
'This means the reality is that many people will face real difficulties in continuing to work until their mid-to-late 60s and could face a sizeable income gap while they wait to receive their state pension.'
Rachel Vahey, head of public policy at AJ Bell, said: 'An ageing population places an increasing burden on taxpayers, with state pension costs rising and fewer working-age taxpayers to cover the cost.
'Future governments will hope that an improved economy and growing tax receipts will help alleviate some of the pressure. But that can't be guaranteed and there needs to a be a credible plan for maintaining affordability.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 minutes ago
- Yahoo
City council wants public hearing to consider impeachment of Mayor Weddle
What began as an effort to formally charge London Mayor Randall Weddle with misconduct devolved into a heated and inconclusive City Council meeting — with the legality of the vote and whether the resolution will move forward remaining unclear. The resolution, presented during the council's Monday meeting, alleged multiple violations by Weddle. The discussed resolution proposed holding a public hearing on August 20 to consider removing the mayor from office for misconduct and willful neglect. Council Member Anthony Ortega moved to amend the regular meeting's agenda to include the proposal, which was read aloud by Acting City Clerk Ashley Taylor and ultimately approved. The charges against Weddle include the following allegations: — Hired and paid individuals for city positions not formally established or approved by the City Council, violating KRS 83A.0703 — Removed and appointed members of the London Housing Authority in violation of KRS 80.090 and KRS 80.030 — Directed Housing Authority staff to ignore laws and regulations, misused police resources and made inappropriate remarks during city business — Created a personal police protection detail using city resources — Falsely asserted city jurisdiction over FEMA contractors working outside city limits — Failed to meet city residency requirements — Used a personal media outlet to target a city employee — Refused to hold regular council meetings without the consent of a majority of council members — Altered and rejected city contracts without notifying the legislative body — Improperly released a recorded call between a crime victim and a city police officer. Council Member Stacy Benge moved to table the resolution, but it failed to receive a second. Council Member Kelly Greene then moved to vote, seconded by Justin Young. The motion passed with all voting in favor except Benge. However, the legality of the vote immediately came into question. Mayor Weddle argued that approval of the full council was required, not just a majority. City Council Attorney Conrad Cessna disagreed, stating that the higher threshold applied only at the hearing stage. City Attorney Larry Bryson maintained that a majority of the full council was required to adopt the resolution. As tensions escalated, TJ Roberts introduced himself as outside legal counsel retained by the council, but was met with loud boos from the crowd. The mayor, pointing out that no public motion had been made to hire Roberts, told him to sit down. Roberts obliged. Mayor Weddle then accused the council of skipping due process. 'Let's get this on the record — every accusation that you guys have made, you have a due diligence, according to KRS, to start an investigation exploratory subcommittee. How come that has not been done on any of this?' he asked. 'You have not done it — and you know why you've not done it.' Council Member Judd Weaver then moved to hire attorney Chris Wiest. That motion passed. 'Another attorney for the city folk to have to pay, but you [couldn't] care less about the roads,' Weddle commented. Later, Weaver made a motion for a point of clarification on whether the resolution had passed. Bryson recommended waiting for legal review before proceeding, and Roberts' second attempt to speak was again drowned out by booing from the crowd. Carmine G. Iaccarino, attorney for Mayor Weddle, then addressed the council, stating, 'I think that Mr. Bryson's recommendation is very well advised. In order to ensure due process, and that the Kentucky Revised Statutes are in fact followed, in such an important situation as the removal and nullification of the vote of the people of London.' Weaver asked Iaccarino whether the resolution required six votes. Iaccarino deferred, replying, 'My recommendation is to follow Mr. Bryson's recommendation.' Weaver then asked for the determination of the chair, Mayor Weddle, to which the mayor replied, 'I think we're taking the recommendation of the city attorney.' Weaver moved to appeal the decision, which was seconded by Greene, but no vote or discussion followed. Weddle would go on to adjourn the meeting himself, stating, 'The chair has the ability to adjourn a meeting. We're getting nowhere. The chair is adjourning the meeting. The meeting is adjourned.' With that, the mayor and council members dispersed, and the status of the resolution remained unresolved as of press time Tuesday. Should the public hearing move forward, discussion indicated that it would be a special meeting set for August 20 at 9 a.m. That meeting was confirmed Tuesday by Roberts and Cessna, though Cessna acknowledged there had been no further discussion of a legal review. Attempts to contact Bryson for confirmation were unsuccessful as of press time. In preliminary research, The Sentinel-Echo found no specific reference to scheduling a hearing but did find the following clause as part of KRS 83A.040 in regard to removal of city officials: 'Except in cities of the first class, any elected officer, in case of misconduct, incapacity, or willful neglect in the performance of the duties of his or her office, may be removed from office by a unanimous vote of the members of the legislative body exclusive of any member to be removed, who shall not vote in the deliberation of his or her removal. No elected officer shall be removed without having been given the right to a full public hearing. The officer, if removed, shall have the right to appeal to the Circuit Court of the county and the appeal shall be on the record. No officer so removed shall be eligible to fill the office vacated before the expiration of the term to which originally elected.' Solve the daily Crossword
Yahoo
4 minutes ago
- Yahoo
Voters in Neosho, Newton County reject use-tax propoals Tuesday
NEOSHO, Mo. — Voters in Neosho and Newton County rejected use-tax proposals in their respective jurisdictions Tuesday. Neosho residents rejected the plan, known as Proposition A, by a vote of 584 to 223, with more than 72% voting "no." Newton County residents rejected their plan, also known as Proposition A, by a vote of 1,665 to 846, with more than 66% voting "no." A use tax is a tax placed on purchases online from companies that do not have a physical presence in Missouri. The rates would have been the same as the existing sales taxes in those areas, 1.65% in Newton County and 3% in the city limits of Neosho. The state of Missouri already charges a use tax on purchases at 4.225%, the same as the state sales tax. Joplin residents in Newton County have been paying a use tax rate of 3.125% since 2023. Voters approved it in the November 2022 election. The county use tax would have been used mostly to fund moving sheriff's deputies and other county employees to the Missouri Local Government Employees Retirement System, or LAGERS, which offers better retirement benefits for county employees than the current system, known as the County Employee Retirement Fund. This was the second time in two years that Neosho voters rejected a use tax. They shot down a use tax in April 2025 by a vote of 570 to 603. At that time, Neosho City Manager David Kennedy had estimated the tax would bring in $300,000 to $400,000 annually based on state estimates, and the revenue was to be used to build a water park to replace Neosho's aging swimming pool. This time, the city proposed using the money, if passed, toward improved salaries and benefits for police officers and firefighters and to make improvements to roads and bridges. Solve the daily Crossword
Yahoo
29 minutes ago
- Yahoo
Elon Musk Says $150K Investment In Tesla 'Probably' Makes You A Millionaire
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk thinks investing $150,000 in the EV giant's stock could yield high returns for the investor. Check out the latest price of Tesla stock here. Investing In Tesla Could Make You A Millionaire, Elon Musk Says On Tuesday, a user on social media platform X, Cole Grinde, shared a screenshot of Tesla stock performance since it first went public in 2010, with the caption "$150,000 invested in Tesla will most likely make you a millionaire."Trending: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — Responding to the post, Musk agreed with the caption. "I think this is probably correct," the billionaire said on Musk Set For $29 Billion Package As Tesla Sales Decline Musk is all set to receive over 96 million Tesla shares as part of his CEO compensation award. The shares amount to over $29 billion in value. However, it's still shy of the $56 billion package originally approved by the Tesla board before being overruled by a Delaware judge in 2024. Despite this, Tesla's sales are falling in multiple markets across the world, with European sales down in double-digit percentages in countries like France and the UK, where Tesla delivered 987 units in July, marking a 60% Robotaxi Plans Face Criticism, Rival BYD Announces Luxury-Focused European Expansion Tesla's Robotaxi faced criticism from analysts like Future Fund LLC's investor Gary Black, who said that the EV giant isn't the only one that will "master unsupervised autonomy." Elsewhere, the company announced it would be expanding its ride-hailing service in the San Francisco Bay Area. However, it's worth noting that the ride-hailing service isn't a Robotaxi as there will be a safety driver present in the car at all times. Meanwhile, Tesla rival BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) announced it was bolstering its presence in the European market by introducing its two sub-brands, Yangwang as well as Denza, into the region next year. Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today! Read Next: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Photo courtesy: Mijansk786 / This article Elon Musk Says $150K Investment In Tesla 'Probably' Makes You A Millionaire originally appeared on
