State pension age should REMAIN at 66 for decades more due to stalling life expectancy: Calls to scrap planned increase to 67 in five years after data shows people are not living as long
- The state pension age is due to rise to 67 in five years
- Review will consider bringing forward plans to force workers to wait until 68
- Analysis suggests state pension age should remain fixed at 66 for decades more
- This is because life expectancy has not improved as predicted
Stalling life expectancy means ministers should abandon plans to hike the state pension age for 20 million workers, a new report argues.
The state pension age is due to rise to 67 in five years – and last week the Government announced a review that will consider bringing forward plans to force millions of workers to wait until 68 to retire.
But new analysis published today suggests the state pension age should remain fixed at 66 for decades longer because life expectancy has not improved as predicted.
It would mean millions of workers nearing retirement could collect their state pensions a year earlier than expected – but would cost the Treasury close to £200 billion.
The age at which someone can start collecting their state pension, which is currently worth £9,339 a year, is due to rise from 66 to 67 between 2026 and 2028.