The Department for Work and Pensions has launched a major review of the State Pension age that could result in significant changes to the current system. The DWP initiated a call for evidence on Monday as it considers raising the state pension age for older people.
Dr Suzy Morrissey has been appointed by the DWP Secretary of State to prepare an independent report ahead of the third review of State Pension age. The Pensions Act 2014 requires the government to review State Pension age at least every six years.
Review scope and considerations
The independent report must explore key factors the government should consider in determining State Pension age for future decades. This includes examining the potential benefits of linking State Pension age to life expectancy.
The DWP stated: "Dr Suzy Morrissey is keen to hear views from a broad range of organisations, experts and individuals, including those who have an interest in the wider social and economic impacts of an ageing society." The review will also examine international experience of Automatic Adjustment Mechanisms for making decisions about State Pension age.
How to participate and check pension age
Responses can be sent via email to [email protected] or by post to the DWP at State Pension Age Review - Independent report, 2nd Floor, Caxton House, Tothill Street, London SW1H 9NA. The terms of reference for the independent report can be found on the DWP website.
An online tool at GOV.UK allows anyone to check their State Pension age, which is the earliest age at which you can begin receiving your State Pension. The tool also shows your Pension Credit qualifying age and when you will be eligible for free bus travel - this is at age 60 in Scotland.
Planning implications
Your State Pension age might differ from the age at which you can receive a workplace or personal pension. The review examines the role of State Pension age in managing the long-term sustainability of the State Pension system.
The call for evidence comes as the DWP also confirms a new Winter Fuel Payment deadline, urging current pensioners to act now. Previous State Pension age reviews are available for reference to understand the government's approach to these assessments.
Sources used: "Mirror", "Birminghammail" Note: This article has been edited with the help of Artificial Intelligence.
