State Pension Age Rise Decision Kicked In To The Long Grass
The government’s plan to accelerate the increase to the state pension age (SPA) has been postponed with a decision now due after the next general election.
Work and pensions secretary Mel Stride today (30 March) confirmed there would be no change to the current legislative schedule for increases. The SPA is currently 66 and is set to increase to 67 by 2028 and 68 by 2046.
The decision comes in light of the Department for Work and Pensions (DWP) publishing two reports - an independent review by Baroness Neville Rolfe and the Government's Actuary's report.
The DWP said a fresh review would take place two years into the next parliament (2026).
The ‘ten year notice' rule means that a review in 2026 could, in principle, still recommend changes as soon as 2036.
“In my opinion, it is difficult to comprehend how the state pension is sustainable in its current form. We wait to see if any party is prepared to grasp the nettle and try and lay down a framework that gives people clarity and security. “ Duncan Farrar Parsonage Financial Planning
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