Govt shelves state pension age increase in 'crowd-pleasing' move

Attempt to ‘claw back some public favour’ among core voters

Jenna Brown
clock • 5 min read

Government plans to accelerate the rise in state pension age (SPA) have been paused due to a fall in life expectancy and fear of voter backlash, it has been reported.

The SPA, currently 66, is set to rise to 68 from 2044, however, it was suggested earlier this year that the rise would be brought forward to 2035 with an announcement due in May. However, the Financial Times reported ministers have decided to postpone that decision until after the next general election. The paper said the move was linked to a fall in life expectancy. A government inside was quoted as saying minsters were "gung-ho" to raise the SPA but had now got "cold-feet". A Department for Work and Pensions spokesman the government was required by law to regularly review the SPA an...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Devilish details: Protection and the abolition of the LTA

Devilish details: Protection and the abolition of the LTA

'There are a number of subtleties to be aware of'

Thomas Coughlan
clock 22 March 2024 • 8 min read
L&G Retail launches adviser handbook on later life divorce

L&G Retail launches adviser handbook on later life divorce

To help support advisers dealing with clients going through a divorce

Jenna Brown
clock 21 March 2024 • 1 min read
New occupational scheme launches; BSPS rescue proposals set out

New occupational scheme launches; BSPS rescue proposals set out

Former British Steel workers will be able to ‘reverse transfer’ their pots

Jonathan Stapleton
clock 14 March 2024 • 2 min read