Reviewing state pension age early 2023

daz378

That sounded ominous  to me due at the moment in 2032 March....age 67 hope I don't have to wait another year or more

Silvertabby

I don't know if it was actually set in concrete, but the government did say that any future increases to State pension age would be subject to at least 10 years notice.

eskbanker

Silvertabby said:

I don't know if it was actually set in concrete, but the government did say that any future increases to State pension age would be subject to at least 10 years notice.

But which government?

Not that it really matters which one - even commitments apparently set in concrete can be changed later if deemed necessary or politically expedient....

Dazed_and_C0nfused

daz378 said:

That sounded ominous  to me due at the moment in 2032 March....age 67 hope I don't have to wait another year or more

It's not news.  It was set in legislation years ago and had been publicised on gov.uk months ago.  

The review must be published by May 2023 I think.

m_c_s

In 2014, Parliament legislated to increase the State Pension Age from 66 to 67, with the change phased in between 2026 and 2028. It also required the Government to review the State Pension Age by May 2017 and at least every six years thereafter, having regard to life expectancy and to other relevant factors. Currently the move to 68 is set for between 2044 and 2046. 

The first state pension age review in 2017 pencilled in a rise to 68 that would begin in 2037 and be completed in 2039. This is not in law though. It is expected that the second review, which is under way and must conclude by 7 May 2023, will recommend that a move to 68 be pulled forward to start in 2037.

I have not seen any indication that the current (second) review is looking at the 67 date or any further changes over the next 10 years.

badmemory

If they have managed to kill enough of us off it will lower life expectancy.  Which should leave the ages unchanged, but I wouldn't bank on them sticking to that.

Mick70

I also noticed that was sneaked in , very discreetly and quickly, can only be bad news otherwise would have expanded upon it

michaels

m_c_s said:

In 2014, Parliament legislated to increase the State Pension Age from 66 to 67, with the change phased in between 2026 and 2028. It also required the Government to review the State Pension Age by May 2017 and at least every six years thereafter, having regard to life expectancy and to other relevant factors. Currently the move to 68 is set for between 2044 and 2046. 

The first state pension age review in 2017 pencilled in a rise to 68 that would begin in 2037 and be completed in 2039. This is not in law though. It is expected that the second review, which is under way and must conclude by 7 May 2023, will recommend that a move to 68 be pulled forward to start in 2037.

I have not seen any indication that the current (second) review is looking at the 67 date or any further changes over the next 10 years.

Seems 'unusual' to be pulling it forward when changes to life expectancy on which it is allegedly based have been much less positive than when it was first mooted....

uk1

One must always look on the bright side.  This is an opportunity and government provided opportunity for the young to spend another year working so that they can put by a totally insufficient amount for their shorter retirement. 😛

hugheskevi

michaels said:

m_c_s said:

In 2014, Parliament legislated to increase the State Pension Age from 66 to 67, with the change phased in between 2026 and 2028. It also required the Government to review the State Pension Age by May 2017 and at least every six years thereafter, having regard to life expectancy and to other relevant factors. Currently the move to 68 is set for between 2044 and 2046. 

The first state pension age review in 2017 pencilled in a rise to 68 that would begin in 2037 and be completed in 2039. This is not in law though. It is expected that the second review, which is under way and must conclude by 7 May 2023, will recommend that a move to 68 be pulled forward to start in 2037.

I have not seen any indication that the current (second) review is looking at the 67 date or any further changes over the next 10 years.

Seems 'unusual' to be pulling it forward when changes to life expectancy on which it is allegedly based have been much less positive than when it was first mooted....

As well as life expectancy, the other key variable is how long the Government considers is appropriate to spend above State Pension age - that was initially 33%, then reduced to 32%. This enables the Government to choose whatever age it wishes regardless of longevity changes, based on its beliefs about the appropriate amount of time spent in retirement.

This article is worth reading.

Woolsery

michaels said:

m_c_s said:

In 2014, Parliament legislated to increase the State Pension Age from 66 to 67, with the change phased in between 2026 and 2028. It also required the Government to review the State Pension Age by May 2017 and at least every six years thereafter, having regard to life expectancy and to other relevant factors. Currently the move to 68 is set for between 2044 and 2046. 

The first state pension age review in 2017 pencilled in a rise to 68 that would begin in 2037 and be completed in 2039. This is not in law though. It is expected that the second review, which is under way and must conclude by 7 May 2023, will recommend that a move to 68 be pulled forward to start in 2037.

I have not seen any indication that the current (second) review is looking at the 67 date or any further changes over the next 10 years.

Seems 'unusual' to be pulling it forward when changes to life expectancy on which it is allegedly based have been much less positive than when it was first mooted....

Yup, excess deaths are still higher than in the 'pandemic' year of 2020.