The government will review state pension age within the next two years, incoming pensions minister Dr Ros Altmann has told the House of Lords today.
Altmann used her maiden speech to the House to outline a review of the state pension age that will look at occupational and gender factors as well as rising life expectancy.
Under current plans, men and womens’ state pension age will increase to 66 from 2020, increasing to 67 between 2026 and 2028. The government had previously committed to linking further increases in state pension age to longevity. The review is expected to follow the formula outlined in the 2013 autumn statement, but will also focus on occupational impacts on ageing.
Altmann said: Rising longevity means that successive generations are spending longer and longer in retirement. This is, of course, pretty good news. However, we all know that there are also huge cost implications for state pensions, which is why we will have an independent review of the state pension age by 2017. I want the review to consider not only rising life expectancy but wider social, occupational and gender factors. I reassure the noble Baroness, Lady Drake, and the noble Lord, Lord Kirkwood, that I am acutely aware of the disadvantages faced by women in our pension system.”