As Rishi Sunak considers a tax raid, the state pension age is unlikely to be lowered.
The STATE PENSION AGE is unlikely to be decreased, according to an expert, but the triple lock is still in jeopardy.
Chancellor Rishi Sunak was urged earlier this week to cut the retirement age in order to aid the UK’s economic recovery. The state pension age is currently fixed at 66, but a new petition on the official Parliament website has requested that this be reconsidered. “Move the state pension age back to 60 for both men and women,” the petition reads.
It calls for action on the age at which people become eligible for benefits, especially in light of the pandemic.
“Young people are struggling to find work and losing their jobs as a result of the pandemic,” the petition stated.
“Why not enable older people to retire early, freeing up jobs for the younger generation?”
“There would be a cost, but surely it would be considerably more beneficial than paying Universal Credit?
“Not to mention the possibility of redressing the balance in favor of young people and assisting in the restoration of their future.”
However, Steve Cameron, an Aegon pensions expert, told This website that this is unlikely to happen.
“I believe it is quite improbable that the administration will cut the pension age,” he stated. Life expectancy will not have been harmed as a result of the pandemic.
“Because life expectancy is expected to rise in the future, it is reasonable to raise the state pension age. It has just risen to 66, and it is expected to rise to 67 in 2028, then to 68 in 2034.
“And I believe the only thing that may happen is that the government postpones any future increases, but I doubt they will lower the retirement age.
“The younger the state pension, the longer individuals will need it and the more expensive it will be for people of working age.”
Another hot topic in recent weeks has been the possibility of scrapping the pension triple lock.
According to reports, Mr Sunak may temporarily lift the pension triple lock this year in order to avoid a £3 billion uprating bill for the Treasury.
Mr Sunak hinted at a shift last week, citing the Office for Budget Responsibility’s prediction that a post-lockdown rise in pay growth will result in an increase of eight percent in the state pension. “Brinkwire News in Condensed Form.”