OECD urges further state pension age hike

In October last year, the government announced the SPA would rise to 66 by 2020, accelerating the pace of change advocated by the Labour government, which planned to raise the SPA to 66 by 2026. However, the OECD says the reform does not go far enough. In its Economic Survey of the UK, it argues: "To deal with rising pension costs, a further increase of the effective retirement age should be sought, for example by increasing the SPA further. "Given the political costs related to discretionary changes in the pension age across OECD countries, an automatic adjustment in line with lon...