Increase in State Pension Age

antrobus

lisyloo wrote: »

I'd say it's a gain, as life expectancy has increased more than 6 years.

Apart from the fact that the changes introduced by the Pension Act 1911 capped the increase in the SPA to 18 months. So the other 4 and a half years worth would be down to the Pension Act 1995, and people have had a good 20 years to adjust for that.

But yes, one of the reasons cited for the decision to bring forward the increase in the SPA to 66, was that projected life expectancy had increased by 1.5 years since the decision to increase the SPA had first been made.

P.S. If anyone is really interested in this sort of thing they can read the Parliamentary standard note SN 6546 (available online) which is pretty much up to date on the issue.

mumps

antrobus wrote: »

Apart from the fact that the changes introduced by the Pension Act 1911 capped the increase in the SPA to 18 months. So the other 4 and a half years worth would be down to the Pension Act 1995, and people have had a good 20 years to adjust for that.

But yes, one of the reasons cited for the decision to bring forward the increase in the SPA to 66, was that projected life expectancy had increased by 1.5 years since the decision to increase the SPA had first been made.

P.S. If anyone is really interested in this sort of thing they can read the Parliamentary standard note SN 6546 (available online) which is pretty much up to date on the issue.

I do think it seems a bit odd that increasing the pension age by 12 months means some people have to wait an extra 18 months for their pension. I prepared for the first change but it gave me little time to adjust to an extra 18 months without my state pension, I do have another pension which I got at 60.

By the way I don't think the Pension Act 1911 has much to do with it, that would have given me some time to prepare.

antrobus

mumps wrote: »

I do think it seems a bit odd that increasing the pension age by 12 months means some people have to wait an extra 18 months for their pension. I prepared for the first change but it gave me little time to adjust to an extra 18 months without my state pension, I do have another pension which I got at 60.....

Well I'm not sure I quite understand it either but, apparently, the effect of the original bill would have seen some 33,000 women facing an increase of 2 years in the SPA, and the 18 month cap is of a benefit to some 245,000 women.

I think this is the kind of thing that explains why actuaries are paid so much.

mumps wrote: »

...By the way I don't think the Pension Act 1911 has much to do with it, that would have given me some time to prepare.

Err yeh well um. Should have been '2011'. I was just trying to make sure you were all awake.:)