State pension age review needed to ensure system ‘affordable'
The Government review is due to report in March 2029 and Ms Reeves said it was 'right' to look at the age at which people can receive the state pension as life expectancy increases.
The state pension age is currently 66, rising to 67 by 2028 and the Government is legally required to periodically review the age.
The Chancellor told reporters: 'We have just commissioned a review of pensions adequacy, so whether people are saving enough for retirement, and also the state pension age.
'As life expectancy increases it is right to look at the state pension age to ensure that the state pension is sustainable and affordable for generations to come.
'That's why we have asked a very experienced set of experts to look at all the evidence.'
The review was announced by the Department for Work and Pensions on Monday and will involve an independent report, led by Dr Suzy Morrissey, on specified factors relevant to the Review of State Pension Age along with the Government Actuary's Department's examination of the latest life expectancy projections data.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: 'There will be many factors that need to be assessed during this review of the state pension age.
'One of the most important will be healthy life expectancy which according to the latest data hovers in the early 60s.
'This means the reality is that many people will face real difficulties in continuing to work until their mid-to-late 60s and could face a sizeable income gap while they wait to receive their state pension.'
Rachel Vahey, head of public policy at AJ Bell, said: 'An ageing population places an increasing burden on taxpayers, with state pension costs rising and fewer working-age taxpayers to cover the cost.
'Future governments will hope that an improved economy and growing tax receipts will help alleviate some of the pressure. But that can't be guaranteed and there needs to a be a credible plan for maintaining affordability.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Town to get first padel courts in £300,000 upgrade
A £300,000 investment will give a town its first padel courts. The facility will be built at Mowsbury Golf and Squash Complex in Bedford after it was approved by Conservative mayor Tom Wootton. The project, part of Bedford Borough Council's sports facilities strategic review, is expected to generate an annual net income of £40,000 for the complex through increased usage, according to Local Democracy Reporting Service. The report to the mayor said there was currently no provision in the borough for padel, a fast-growing racquet sport in Europe. It added the Mowsbury site was chosen due to its complementary sporting offer, central location, and access from rural areas. A four-week public consultation held in May and June 2025 found strong support for the proposal as 82% of respondents said improvements would encourage them to use the facility more. The new padel courts, which look similar to tennis courts but are a third of a the size, will be located within the existing car park footprint. The decision can be implemented on 11 August if it is not called in for debate by councillors. If completed on schedule, the courts are expected to open by next March. Follow Beds, Herts and Bucks news on BBC Sounds, Facebook, Instagram and X. More on this story Padel: 'I want to play the sport but I can't afford it' Demand for padel court slots surges across county Vandals cause £3,000 of damage to sport facility Related internet links Bedford Borough Council Local Democracy Reporting Service
Yahoo
6 minutes ago
- Yahoo
Roles to be made redundant at funeral parlours in Bolton
A funeral care business is set to make roles redundant at its Bolton branches, it has emerged. The Co-Operative Funeralcare, which currently has two branches in Bolton, has confirmed that it will be reshaping the structure of the Bolton team. As a result of this, certain roles will be removed whilst new ones will be created as consultations are currently ongoing. It is currently unclear how many roles will be removed following the company's restructuring. A spokesperson for Co-op Funeralcare said: 'At Co-op Funeralcare, we are committed to providing the highest level of service and care to bereaved families and their loved ones in our local communities. READ MORE: Beautiful tributes at funeral held for 'charming' and 'great gentleman' Funeral to be held for 'icon in British politics' Norman Tebbit Bolton death notices and funeral announcements from The Bolton News 'As such, we regularly review our operations to ensure that our colleagues are best placed and adequately supported to deliver the highest standards for our clients and those within our care. 'We have identified the need to reshape our team in Bolton, which will enable us to further enhance our ability to serve the needs of the local community and ensure colleagues feel fully supported whilst carrying out their work. 'The changes we are proposing will see certain roles removed whilst new ones will be created and consultation with colleagues is currently ongoing.' The Co-Operative Funeralcare currently boasts 800 funeral homes in the heart of communities. The business offers pre-paid funeral plans, cremations, funeral arrangement and handling legal and administrative tasks like probate. The Bolton branches are located on Crompton Way and Albert Road in Farnworth. In April, The Co-operative Group reported annual profits jump higher, but warned it will face more than £200 million in costs and spending pressures over the year ahead. The member-owned mutual said it was bracing for 'new headwind and investment costs' in 2025 but would make 'active choices' to support staff and customers members amid cost-of-living challenges. Co-op warned cost hits would include another £80 million from the impact of shoplifting across its retail estate, following an £80 million bill from this in 2024, and £50 million from the increase in national insurance contributions. Its funeralcare arm was boosted by a 2.8 per cent jump in revenues to £289 million and notched up a jump in profits to £103 million from £13 million in 2023 thanks to an increase in funeral plan investment returns. Underlying earnings also lifted across its legal and insurance businesses, to £27 million and £15 million respectively. The group said it remained on track to hit its membership target of eight million by 2030 and open more than 120 new retail and franchise shops by the end of 2025.
Yahoo
35 minutes ago
- Yahoo
Youth drop in event to help young people carve out successful future
A youth drop-in event is offering support to help young people find their next steps. Organised by Bolton North East MP Kirith Entwistle, the event will take place at the Market Place shopping centre on Thursday, August 14, and is aimed at 16 to 25-year-olds. With Bolton among the areas with the highest youth unemployment rates in the UK, the event aims to offer guidance and resources to help young people build brighter futures. Ms Entwistle said: "Young Boltonians are bright and ambitious, but often don't see the route to a successful life in the town. "I've put this event together to help young people in Bolton have access to the opportunities and support that will help them thrive. READ MORE: Spring View Medical Centre welcome new patients with care that's closer and kinder 'We give 100 per cent, and we're only asking for 9 per cent in return' She added: "This event is a fantastic chance to meet those who can guide you towards jobs you love, volunteering roles that can make a real difference, and social activities to bring communities together." More than a dozen organisations will be in attendance, including Working Wardrobe, Youth Leads UK, Octagon Theatre, Proud Trust, Bolton Lads and Girls Club, and Bolton Sea Cadets. The event will run from 11am to 3pm and is free to attend.
