New DWP boss confirms review into State Pension age on track to be published next May
02.12.2022 - 01:05
/ dailyrecord.co.uk
The new Work and Pensions Secretary Mel Stride has confirmed that the outcome of the State Pension age review will be published before May 2023. The review will consider a wide range of evidence, including findings from two independent reports, to assess whether the rules about State Pension age remain ‘appropriate’.
Earlier this year, the Department for Work and Pensions (DWP) launched the second review of the State Pension age, which is now 66 for both men and women across the UK. Mr Stride told the Work and Pensions Committee on Wednesday that the review is considering issues of cost and intergenerational fairness, suggesting the impact on the public purse of an ageing population will get “pretty hairy”.
He confirmed to the cross-party panel of MPs that the review is expected before the deadline in May, but refused to be drawn on any decisions contained within the report.
Mr Stride was asked about the review by MPs on the cross-party panel, who pointed out that life expectancy is not rising. And while he did confirm that the review is expected to be published before May, he would not be drawn on any decisions contained within the report.
He told MPs: “I think there are various moving parts in assessing where we should go with the State Pension age.
“One of them is life expectancy and more precisely, what proportion of your life should we expect people to have in retirement as opposed to not in retirement?
“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 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