View the article online at http://citywire.co.uk/money/article/a885903
State pension age review to be led by ex-CBI chief
Government announces former CBI director general John Cridland will head review into sustainability of state pension age.
A government review of the state pension age will be led by former director general of the Confederation of British Industry (CBI) John Cridland, it has been announced.
Under the 2014 Pensions Act, the government must review the state pension age in each parliament in light of changes in life expectancy and wider changes in society to help ensure the sustainability of the state pension.
Cridland’s review will be the first to take place under the new legislation, and will report to the secretary of state for work and pensions, Iain Duncan Smith, in time to allow the government to consider the recommendations by May 2017.
Cridland was director general of the CBI between 2011 and 2015 and previously served on the government’s Low Pay Commission.
Pensions minister Ros Altmann said: ‘[Cridland] has made an impressive contribution to both government policy and business throughout his career and is well placed to report on this issue. I am confident that he will produce a thorough, carefully considered, wide-ranging review of this issue which affects the lives of millions of people.
'As our society changes it is only right that we continue to review state pension ages and take into account the relevant factors to make sure that the state pension is sustainable and affordable for future generations.’
Altmann and the Department for Work and Pensions have been under fire from campaigner in recent months over rising state pension ages.
Since 2010 women’s state pension age been rising from 60 to 65 to equalise with men. It was effectively an acceleration of rises set out in the 1995 Pension Act.
Hundreds of thousands of women born in the 1950s have seen their state pension age increase, some by as much as six years.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
More from us
- Altmann hits out at 'hateful' state pension campaign bullying
- State pension age battle: the women affected
- Flat rate state pension will cause new political storm
- Use your pension as a 'bridge' to state retirement age
- MPs call for hike to pension freedom age
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.