The Secretary of State for Work and Pensions has confirmed that a review of the State Pension age is “under way”. Mel Stride MP told the House of Commons that he will consider a wide range of evidence, including two independent reports, to assess whether the “rules on pensionable age remain appropriate”.One report is from the Government Actuary’s Department and explores matters such as life expectancy.
The other, from Baroness Neville-Rolfe, is on the metrics that should be taken into account in determining when the next increase in the State Pension age should occur.The Department for Work and Pensions (DWP) boss said that the financial impact on pensioners would be taken into account, following concerns raised by SNP MP, Patrick Grady.
He said: “I hope that the evidence that the Secretary of State examines includes analysis by Age UK that 1.5 million pre-State Pension age households have no savings at all.”Age UK warns that accelerating the rise of the State Pension age “will condemn millions to a miserable and impoverished run up to retirement”.Mr Stride responded outlining the two independent reports, adding: “We certainly take into account issues such as pensioner poverty, on which we have an excellent record.“In fact, relative pensioner poverty before housing has halved since 1999, and there are 400,000 fewer pensioners in absolute poverty - that is before or after housing - compared with 2009-10.”The outcome of the UK Government’s second review of the State Pension age is due to be published before the deadline on May 7, 2023.This latest review into the official age at which someone can retire, now 66 for both men and women, launched at the start of last year and is considering whether the rules around pensionable
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