State Pension Age Review PLSA Response
The Pensions and Lifetime Savings Association (PLSA) has responded to the calling for no further increase to the age people receive their State Pension.
The PLSA highlighted that the UK is already set to have, at 68, the highest State Pension age of any OECD country. Raising it further would cause unacceptable detriment to two particular groups of people:
- those with lower than average life expectancies, who might only receive very little, if any, State Pension, and
- those with lower than average healthy life expectancies who might struggle to stay in the labour market before the State Pension age.
In its response, the PLSA recommended that the so-called ‘triple lock’ is replaced by indexation in line with earnings so that the state pension maintains its current value of around 30% of average (median) earnings.
Helen Forrest Hall
Policy Lead: DB