Leading pensions industry body the Pensions and Lifetime Savings association have criticized the government over their supposed plans to raise the country's State Pension age to 70. Back in November, Sir Steve Webb (recently knighted in the New Years Honours List) revealed that he had seen documents produced by the Department of Work and Pension that suggested the government was looking at raising the State Pension Age once again to 70. Now the PLSA have called for no further increases in the State Pension age saying that it would cause severe harm to many people in society, especially those with poor health and a low life expectancy.
Recent years has seen increases to the State Pension age following many years of it being set at 65 for men and 60 for women. But faced with a rapidly ageing population, the government have been looking at various ways to solve the looming pensions crisis. One of the major ways has been the introduction of auto enrolment which has seen millions of workers enrolled into workplace pensions and saving millions towards retirement. Whilst this has been an overwhelming success, it's not a solution in itself which is why the government have been looking at other ways of saving money on pensions.
Graham Vidler, the director of external affairs at the Pension and Lifetime Savings association said:
"We believe the fairest approach for current and future generations of pensioners is to drop the triple lock and halt further increases in state pension age. A state pension maintained at 30 per cent of average earnings can provide a strong basis for future retirement incomes."
"Removing the triple lock can keep it affordable without the need to increase State Pension age still further to the detriment of people with poorer health. We also believe that proposals for a variable pension age, while attractive in tackling socio-economic differences, would sacrifice the simplicity and clarity of the current system. On balance, we support the current system of a single state pension age for all."
As of yet, the government or Department of Work and Pensions have yet to confirm that they are looking to raise the country's State Pension age to 70.