State pension age POLL: what age do you think it should kick in? | Personal Finance | Finance
The UK Government has said an accelerated rise in the state pension age to 68 will not happen until after the next general election. Work and Pensions Secretary Mel Stride confirmed the decision on Thursday, telling MPs a review will take place “within two years of the next parliament”. But at what age do you think the state pension should kick in? Vote in our poll.
The current state pension age in the UK is 66 for both men and women. This is scheduled to increase to 67 by the end of 2028. A further hike to 68 was scheduled to happen between 2044 and 2046 but ministers had considered bringing this forward to the late 2030s.
Mr Stride told MPs: “Given the level of uncertainty about the data on life expectancy, labour markets and the public finances, and the significance of these decisions on the lives of millions of people, I am mindful a different decision might be appropriate once these factors are clearer.
“I therefore plan for a further review to be undertaken within two years of the next parliament to consider the rise to age 68 again.”
He defended his approach, claiming that it “continues to provide certainty for those planning for retirement” and ensures there is a 10-year notice of changes to the state pension age.
The Government is required to review the state pension age every six years in line with average life expectancy and in consideration of the costs involved. Mr Stride said that life expectancy has “slowed” since the previous review in 2017.
READ MORE: State pension age warning as Britons may have to work longer
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Labour’s Shadow Work and Pension Secretary Jon Ashworth approved the decision, saying: “[Thurdsay’s] announcement that they are not going ahead with accelerating the state pension age is welcome, and it is the right one.
“But it is the clearest admission yet that a rising tide of poverty is dragging life expectancy down for so many, and stalling life expectancy, going backwards in some of the poorest communities, is a damning indictment of 13 years of failure which the minister should have acknowledged and apologised for today.”
Tory MP Jacob Rees-Mogg was not accepting of the decision. He said: “Unlike the Labour Party, I don’t welcome this decision. That life expectancy from retirement from the Forties to today has increased by seven years would indicate a retirement age of 72, rather than of 67 or 68.
“The benefit of long-term decision-making is that it gives everybody the chance to plan well in advance. Delaying the decision is a decision in itself. It is not exactly a sign of strength.”
So what do YOU think? What age do you think the state pension should kick in? Vote in our poll and leave your thoughts in the comment section below.
