Daily Mirror (Northern Ireland)
WORK TO AGE 68
Rise in state pension age could cost millions of 50-somethings £10,000
A PLANNED increase in the state pension age to 68 could be brought forward by six years, a Cabinet minister has admitted.
Work and Pensions Secretary Mel Stride said the “pretty hairy” state of the public finances could lead to changes to the age people can claim state pensions.
At present, the state pension age is 66 for men and women. It will rise to 67 by 2028. The Government has previously said it will go up again to 68 by 2039.
But there is speculation a review will mean the increase to 68 could be brought forward to kick in as early as 2033, which would cost millions of people now aged between 51 and 57 up to £10,000 each.
Mr Stride suggested the pension age could go up even though life expectancy is not increasing. He told MPS: “There are various moving parts in assessing where we should go with the state pension age. One of them is life expectancy, more precisely, what proportion of your life should we expect people to have in retirement.
“Another is the cost, if you look at the consequences of us living longer.” A previous review in 2017 suggested retirement should make up a third of a person’s life.
Asked if ministers were “seriously thinking” of reducing this, Mr Stride said it was “a factor to consider”. He said: “That metric is a very important measure.” He said the findings would be made public “some time in the New Year”, but before May.