The Department for Work and Pensions (DWP) has published a 'Call for evidence, Second State Pension age review'. It seeks views on what metrics should be considered when setting the State Pension age.
The Pensions Act 2014 requires the government to review the State Pension age every six years and Baroness Neville-Rolfe has been appointed to prepare an independent report making recommendations to the government on what metrics should be taken into account when setting the State Pension age in future.
The Call for Evidence follows a review that concluded that evidence-based data were needed to inform the government, including:
- A report on other factors including metrics considered relevant from third parties.
- A report from the Government Actuary that provides an analysis of the latest life expectancy projections using specified proportions of adult life over State Pension age.
This Call for Evidence provides data for the first part of the analysis of state pension age. It would like to hear from as wide a range of people as possible to contribute to the report. This could include experts in the fields of longevity and ageing, older people and the labour market, intergenerational fairness and the fiscal challenges associated with an ageing population, who will be particularly interested.
Questions
Intergenerational fairness
- As people are living longer, how do we ensure the costs of State Pension are shared fairly across generations?
- What factors relating to intergenerational fairness should be considered when determining the State Pension age?
- Is it reasonable to give people a fixed period of notice for State Pension age changes, and if so what period?
Changes in the nature of work
- How have changes to the types of jobs people do affected working lives?
- What are the anticipated future changes to the workplace? How could this impact on people’s working lives?
- What factors do people consider when making decisions about when to retire?
Sustainability and affordability
- What is the most sustainable and affordable way of managing the cost of State Pension in the longer term? What are the advantages and disadvantages of potential options?
Metrics for setting State Pension age
- Is it reasonable for people to expect to spend a fixed proportion of their adult life in receipt of State Pension?
- Are there options for taking account of differences in circumstances when setting State Pension age in future? What are the advantages and disadvantages of these options and how could they operate within the current pensions framework?
- How can we best take into account the sensitivity of the life expectancy projections when considering an appropriate State Pension age for the future?
- Are there other metrics that are relevant or more suitable to help determine State Pension age in future, and if so, what metrics?
- What factors do other countries consider when determining State Pension age?
Additional information
- Do you have any other comments which relate to the Terms of Reference of this review, that you wish to share?
The closing date for written submissions is 25 April 2022.
Submissions can be made by: Email to:
Write to: State Pension age review – Independent report, 1st Floor, Caxton House, Tothill Street, London, SW1H 9NA
Useful guides on this topic
Pensions: What happens when you die?
What happens to your pension when you die? What tax is due by your estate? Will your family have to pay Income Tax if they receive your pension going forward? What can you do to mitigate any tax charges?
Pensions: Tax rules and planning
What tax rules apply to pensions? What tax relief is available? What tax charges can arise? What planning opportunities are there?
Workplace Pensions, Auto-enrolment
This guide looks at the key features of auto-enrolment, who is affected, what employers need to do, and the relevant timescales.
External links
DWP: Second State Pension age review: independent report call for evidence
DWP: Open consultation, Second State Pension age review: independent report call for evidence
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