The Pensions Bill currently being considered by parliament will accelerate the timetable for increasing state pension age (SPA) to 67. It will now reach 67 for both men and women by 2028, compared to 2036 under current legislation.
The TUC has long argued that it is grossly unfair to increase SPA – and certainly to increase it as rapidly as the coalition government is planning – while vast inequalities in life expectancy exist. We know that inequalities in life expectancy at 65 based on both class and geography are increasing. A new report published by the TUC today (‘Life expectancy inequalities and state pension outcomes‘) shows how much this inequality will grow by 2028 – and the devastating impact it will have on state pension outcomes.
The report forecasts the continuation of current trends, amended by the expected decline in the rate of increase for average life expectancy over the period between the latest available data and 2028.
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Image: Ingy the Wingy