Increase to state pension age details published
Details on how the State Pension age will rise to 66 are published today.
Details on how the State Pension age will rise to 66 are published today. A sustainable State Pension - When the State Pension age will increase to 66 follows a review and Call for Evidence on the timing of the increase in State Pension age.
In the recent Spending Review the Chancellor announced the State Pension age rises from 65 in 2018 to 66 in 2020.
Minister of State for Pensions Steve Webb said:
We are all living longer than ever before and it is important for Government to take this into account when developing policy. As longevity increases it is only fair that costs are shared among the generations. Accordingly, the Government has decided to bring forward the increase in State Pension age to 66.
Although women will experience the rise in the State Pension age more quickly than previously planned, they will still draw the State Pension for longer, and our ‘triple guarantee’ means someone retiring today on a full basic State Pension will receive £15,000 more over their retirement than they would have done under the old prices link.
A timetable outlining the changes is available on Directgov http://www.direct.gov.uk/en/Nl1/Newsroom/SpendingReview/DG_192159
The Command Paper can be read in full here http://www.dwp.gov.uk/consultations/2010/spa-66-review