Review into state pension retirement age

The government has launched a review into the retirement age for people aged under 55.

A review of the state pension age has been conducted by former CBI boss John Cridland to consider changes in life expectancy and wider changes in society to ensure a more sustainable and affordable state pension.

The state pension age is set to reach 67 for men and women from April 2028.

The new state pension is due to come into effect from 6 April 2016.

Public sector workers who reach the new state pension age from 6 April and before the 6 December 2018 will receive a fully indexed public service pension for their whole lifetime.

This will ensure that pension payments are equal for both men and women.

CBI director of Employment, Skills and Public Services, Neil Carberry, said:

“Business has supported both automatic enrolment and plans to increase the state pension age over time. It’s right to look at how we deliver an increased state pension age effectively and fairly.

“At the same time, the critical role of businesses in providing pensions over and above the state minimum needs to be supported. “

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