Steve Webb
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State Pension Age
Steve Webb Excerpts(14 years ago)
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The Minister of State, Department for Work and Pensions (Steve Webb)
Plans to increase the state pension age to 66 were announced by the Chancellor of the Exchequer as part of the spending review. Today, the Government will publish details to show how the increase in the state pension age will be delivered.
More of us are now reaching state pension age and then living to draw a state pension for longer than ever before. Increasing longevity is a cause for celebration. Nevertheless, the legislated timetable for increases to state pension age was based on an expectation of longevity that has since been revised upwards.
Women’s state pension age is currently rising from 60 to be equalised with men’s at 65 by April 2020. To enable an earlier increase to 66, the equalisation timetable will be adjusted from April 2016 so that women’s state pension age will reach 65 by November 2018. Then, in December 2018, the state pension age for men and women will start to rise so that it reaches 66 from April 2020.
Copies of the Command Paper will be available in the Vote Office and the Printed Paper Office and online at: http://www.dwp.gov.uk/spa-66-review.