🔴 A planned increase in state pension age could go ahead despite falling life expectancies, due to the “pretty hairy” state of public finances
“Another is the cost, and if you look at the consequences of us living longer, and you look at that, for example, as expressed in the financial stability report that the OBR [Office for Budget Responsibility] produces every year, where it casts out 50 years and says ‘what are the public finances likely to look like given the demographic change that’s going on?’, the cost of pensions being an element within that, it all gets pretty hairy.
A 2017 report argued that retirement should make up a third of a person’s life. Asked if the Government was “seriously thinking” of reducing this, Mr Stride said it was “a factor to consider”. He said he could not be drawn on his views but added that “clearly, that metric is a very important measure”.
The deadline for the pension review is May 2023, but Mr Stride said he would expect the results to be made public earlier in “the new year”.
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