The DWP has issued a clarification about how it determines the state pension age after an MP raised the issue.
Labour MP Clive Lewis asked in a Parliamentary question what criteria the Government uses “to assess whether to amend the state pension age”.
Pensions minister Paul Maynard responded to say that the Work and Pensions Secretary is obliged by law to periodically review the state pension age looking at “evidence about life expectancy”.
He said an independent reviewer also has to be appointed to look at other factors relating to the question of where to set the state pension age.
Mr Maynard said in his response: “The second Government review of state pension age was published on 30 March 2023.
“Government concluded that the planned increase in state pension age from 66 to 67 will take place between 2026 to 2028.
“Government also concluded that due to uncertainties in relation to life expectancy data, labour markets and the public finances, there will be a further review within two years of the next Parliament to consider age 68.
“The further review will be supported by the latest evidence, including life expectancy projections, updated with 2021 Census data, and the economic position.”
The move from 67 to 68 to currently set to take place gradually between 2044 and 2046 but the Government has considered bringing forward this timetable.
Ministers are set to make a decision on moving forward the timetable in the next Parliament.
A recent report from the International Longevity Centre has warned the state pension age may soon need to be hiked to 70 or 71 due to the ageing population, as a great proportion of the population claims the support.
The researchers who carried out the study said: “Poor health is one of the key reasons for this and is one of the greatest barriers to economic prosperity faced by the UK today because it lowers economic output and increases taxes.
“Additionally, a smaller working population and a large economically inactive population create huge labour shortages which must be filled by migrant labour which creates additional problems.”
State pension payments are increasing 8.5 percent in April, with the full basic state pension increasing from £156.20 a week to £169.50 a week, while the full new state pension will go up from £203.85 a week to £221.20 a week.
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