Intergenerational impact focus of first independent state pension age review

Former CBI director-general John Cridland is inviting views on the state pension age beyond 2028 in his independent review for the UK government.

Image of baby and older person
The public consultation, which ends on 31 December 2016, follows publication last week of Mr Cridland's interim report as state pension age independent reviewer.The Independent Review of the State Pension Age: interim report examines the state pension age in the context of the "three pillars" of affordability, fairness and fuller working lives.

Generational view

It also analyses these three areas in terms of the impact on three different generational groups: Baby Boomers (born 1945–65), Generation X (born 1966–1979) and Generation Y (born 1980–2000). As well as acknowledging major demographic changes in the UK's workforce, the review specifically includes groups Mr Cridland believes will be most impacted by movement in the state pension age. These include carers, people with poor health or disability, the self-employed, women and people from ethnic minorities.

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This latest pensions review, required by each parliament under the Pensions Act 2014, also invites views on alternatives to a universal state pension age, acknowledging that traditional fixed patterns of work are changing. It seeks too to build an understanding of why people drop out of work early.Some of the options the review, set to be published in 2017, will investigate are supporting people to work longer, and early access to state pensions after a long working life to either a full or reduced pension.

"Hugely important issue"

Mr Cridland said: "The future of the state pension age is a hugely important issue for this country. It must be fair and sustainable, and reflect changes in society. My interim report provides an insight into my developing thinking and poses a number of questions."The review continues to gather evidence to inform its recommendations and the views of the public will form a key part of that data. I want to encourage as many people as possible to respond to the consultation and really hope to stimulate wider discussion."

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