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Review of state pension age announced
The work and pensions secretary has announced a review of the state pension age.
The government is required to conduct a review into the state pension age - currently 66 - every six years. The last one concluded in 2023, and the new one announced today is due to finish in 2029.
Politics latest: Water regulator Ofwat will be abolished The review will consider whether the current state pension age is still appropriate, based on factors such as life expectancy. The announcement comes following warnings from experts that people looking to retire in 2050 are on course to receive £800 per year less than current pensioners.
The Department for Work and Pensions (DWP) said 45% of working-age adults were putting nothing into their pensions, with concerns that the cost of living crisis is preventing people from investing in their retirement. Liz Kendall said she was "under no illusions" about how difficult it would be to map out plans for pensions for the coming decades, as the cost of living crisis continues to bite.
She said "many workers are more concerned about putting food on the table and keeping a roof over their heads than saving for a retirement that seems a long, long way away.
Amir Nisi
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