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Planned rise in state pension age put on hold

ended 22. March 2023

Plans to bring forward a planned rise in the state pension age have been put on hold amid fears of a backlash from middle-aged voters, it has been reported in the Financial Times. The state pension age (SPA), currently 66, is due to rise due to 68 from 2044, but reports earlier this year suggested ministers wanted to bring that forward – potentially as early as 2035 – with an announcement in May. However the Financial Times reported that ministers have now decided to delay a decision until after the next general election, expected in little over a year’s time. Free PR platform, Newspage, asked IFAs for their views.

4 responses from the Newspage community

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Graham Wells
Founder and Financial Coach at GroWiser Financial Coaching
This uncertainty around the state pension age serves as a reminder of how empowering it can be to take control of your own financial planning. It's best not to rely on government policy to dictate when you can retire. Acknowledge that the state pension is a valuable benefit, but plan your lifestyle on factors that you can control. Having a clear picture of your workplace and personal pensions, and other assets, should form the foundations of your retirement plan. The sooner you have clarity of your own financial future, the easier it becomes to deal with inevitable changes to the state pension.
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Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
As life expectancy rises, it’s only sensible to increase the age you obtain your state pension. Over the past three years, it’s the first time life expectancy has actually decreased so an increase in the state pension age would be seen as not just unnecessary, but a blatant tax raid on those still working and wouldn’t be stood for at the ballot box.
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Gary Bush
Financial Adviser at MortgageShop.com
A rise in the state pension age in the UK is unfortunately a necessity regardless of political parties potentially playing games with voting potential. I remember back in my early days as a financial adviser, in 1988, doing some calculations on mortality rates and future pension needs and realising then that the system is deeply flawed.
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Luke Thompson
Director at PAB Wealth Management
Part of this potential change in plans for the state pension age has been related to decreasing life expectancy and more questions should be asked of the government around what their plans are to improve the lives of lower earners in the future to get life expectancy increasing again. You only have to look at some of the discrepancies between affluent and poorer areas to see that this is a massive issue.

Most concerning though is that the government is using the raising of the state pension age as a political football. What needs to be assessed is what is the best thing for the country not what is the best thing for the political party in power at the time. Pension planning needs to be on a long-term basis, not a decision which is changed dependent on politics.
By taking the time to address the lack of pension savings among younger people and making sure people start saving earlier the state pension could potentially be less of a burden than is predicted in the future.