The state pension age is unlikely to be raised to 68 by 2040, according to the Labor and Pensions Commissioner.
The age at which Britons receive a weekly sum from the government is set to rise from 66 to 67 between 2026 and 2028, but further changes were expected soon after.
Earlier this year, Stride postponed a decision on when to raise the minimum pension age to 68 until after the next general election.
In a speech today, however, the Labor and Pensions Commissioner suggested a rebound is unlikely for at least another 17 years.
Work and Pensions Secretary Mel Stride delayed a final decision earlier this year
parliament live tv
“I think it’s fair to say that the earliest is Cridland’s proposal, 2037, but it was based on different life expectancy data.
“And indeed, applying what we know today to the Cridland methodology, the actual date would be the 2050s.
“Neville Rolfe put out something in the 2040s, so I suspect it’s in the 2040s or so range.
“But someone else will be scrutinizing the data in the next Congress.”
The announcement was due later this year, but was postponed after the latest data showed that life expectancy growth in the UK was starting to slow.
He said: “Ultimately, because of the economic uncertainty, the impact of COVID-19, there are many metrics involved in this decision, and importantly, informing people 10 years in advance. We made this decision in light of the fact that change.
“The 2030s will be a long way off when the age to start receiving the national pension will be raised from 67 to 68.
“You’re debating whether to do it in the 2030s or 2040s or thereabouts.
“So there is no reason why we need to make a decision now.
“Even if you wait until the first few years of the next Congress to make that decision, you can notify the public of the decision 10 years in advance and make changes at that point.”
Given the scale of protests seen in France after President Emmanuel Macron raised the minimum pension age from 62 to 64, it discourages future UK ministers from raising the minimum pension age again in the country. It’s a possibility, Stride said, and said he doesn’t think it’s “the way it is.” Our national psyche starts rioting and setting things ablaze over things like national pensions. “
He also said there were no plans to change the triple lock on pensions, with the national pension increasing according to inflation, wage increases or 2.5%, whichever is higher.
But he said he didn’t know how it would fit in the next Conservative manifesto.
