The state pension age is under review with potential increases due to rising costs of the triple lock. Currently, the pension age is set to increase from 66 to 67 between 2026 and 2028, and further to 68 from 2044 to 2046. The new Pensions Commission, announced shortly, will evaluate state pension concerns. The Pensions Minister expressed worries over pensioner poverty and the financial struggles faced by many workers. The director of the Centre for the Future of Retirement emphasized that changes must prioritize fairness and sustainability in retirement.
Kendal added, "Just because pensioner poverty has fallen does not mean all the problems have gone away. Far from it. Women who are now approaching retirement have half the private pension wealth of men, so the average woman in her late 50s can expect a private pension income of just over £100 a week, compared to £200 a week for men."
Catherine Foot, the director of the Standard Life Centre for the Future of Retirement said, "The state pension plays a fundamental role in people's retirements, so it makes sense that its role is considered as part of the broader question of saving adequacy. Any change will need to be very carefully considered, especially as state pension age is due to start rising to 67 next year already."
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