Warning issued for millions of state pensioners who plan to retire before age 74
State pension age is currently set at 66, but a new report is saying this should rise to 74. In its latest report, the IFS said: 'Increases in the state pension age required to keep spending on the state pension below a certain level of national income would have to be substantial.
'[Official] modelling shows that to keep public spending on the state pension below 6pc of national income while retaining the triple lock, the state pension age would have to rise to 69 by 2049 and 74 by 2069.'
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Mike Ambery, Retirement Savings Director at Standard Life, said: 'The report correctly identifies widespread under-saving and gaps in pension provision.
'We are supportive of their conclusion that there is not a one size fits all solution to these problems but there is a need to be more inclusive, particularly for the self-employed, as well as for younger workers who are not yet included.
'The risk of over saving for those on low incomes is significant but so too is the need for most of those on average or higher earnings to save more.
'Striking the right balance will be a key challenge of the adequacy review, and any change would need to be carefully considered and in consultation, especially with employers.'
Jonathan Cribb, an associate director and head of retirement at the Institute for Fiscal Studies pointed out that an underlying problem centred on the NHS and social care: while state pensions and pension benefits were estimated to increase by £45bn by 2050, he said, the pressure on public finance from health and social care was estimated to rise by £105bn in today's terms over the same period.
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