Increase in state pension age delivers £11bn savings for govt - Aegon

Sophie King
clock • 1 min read

Increases to the state pension age are set to save the government billions of pounds each year due to the fact almost 700,000 people will have to wait longer before benefitting, according to analysis undertaken by Aegon.

Around 670,000 people each year will now have to wait longer before benefitting, which could see the government save some £11bn a year in state pension payments. These savings may well be needed to fund the increased costs of NHS and social care funding as society ages, Aegon said. The state pension age has been 65 for men since 1925 but only became that for women from 6 November 2018. Starting next month and spread over two years, it will then gradually increase for both men and women to 66. Aegon pensions director Steven Cameron said: "Hopefully these increases will not come as a sh...

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