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Centre for Policy on Ageing | |
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Smoothing the transition
— final report, Independent review of the State Pension age; presented to Parliament pursuant to Section 27 of the Pensions Act 2014 | | Author(s) | John Cridland |
| Corporate Author | State Pension Age Independent Review, Department for Work and Pensions - DWP |
| Publisher | Department for Work and Pensions, London, March 2017 |
| Pages | 130 pp |
| Source | https://www.gov.uk/government/publications/state-pension-a... |
| Keywords | Pensions ; Retirement age ; Life span ; Government publications. |
| Annotation | The Pensions Act 2014 requires the Government to review the State Pension Age (SPA) during each Parliament. This report suggests that individuals need at least ten year's notice of state pension changes, and such changes should be limited to once per decade. The report focuses on recommendations on State Pension age (SPA) arrangements post-2028, when State Pension age will have reached 67. Three generations feature in the analysis: Baby Boomers (born 1945-65), Generation X (born 1966-1979), and Generation Y (born 1980-2000). The report looks at changing longevity, affordability, inter and intra-generational fairness and the effects on particular groups, and principles for and approaches to setting the SPA. Section 5, 'Smoothing the transition', examines enabling fuller working lives (acknowledging the need to support older workers and carers, also issues such as burnout); the contribution of older workers as trainers; flexibility within a universal SPA; supporting older people over SPA to work; and the impacts of private and public sector pensions. The report estimates that the cost of the state pension will rise from 5.2% of GDP in 2016/17 to 6.2% in 2036/37. Also included is commentary on responses received to the interim report's consultation (Annex B). The DWP analysis of British Social Attitudes data 2008 to 2015, to which the report refers is also accessible at the weblink given. (RH) |
| Accession Number | CPA-170324002 E |
| Classmark | JJ: G5A: BG6: 6OA |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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