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State Pension Age Under Review

The Government’s decision to set aside the
earnings element of the pension triple lock has been the subject of a
considerable amount of press comment. That decision, which the
Government say is for one year only, has resulted in CPI being used
to calculate state pension increases for the 2022/23 tax year. This
will result in the basic state pension rising to £141.85 per week
with the full state pension rising to £185.15 per week.

What has received less comment is a fresh review being undertaken into
state pension ages. Launched on 9th February, the review by Baroness
Neville-Rolfe DBE CMG has called for evidence into whether further
changes should be made to the age at which people are eligible for
their state pension.

At present the age someone qualifies for state pension depends on their
birth date; with those born on or after 6^th
April 1978 having to wait until they are 68. The review, which asks
for comments by 25 April, will take into account not only life
expectancy but also changing employment and socio-economic factors.
Comments are welcomed from “members of the public of all ages and
all interested parties.”

If you are looking for advice on pensions, or if your situation has
changed and you may therefore need to review your existing pensions
or investments, contact Beckworth by using one of the links on our
website.