As new figures show live expectancy is not rising as much as it had in the past, questions are being asked over pension age rises.
(File image) Pensioners checking their bills (Image: Getty )
State pension age rises are on the horizon for millions of ageing working Britons, but as life expectancies for men and women start to level out, questions are be ing asked about whether the increases should still go ahead. As reported by the Express, the Office for National Statistics (ONS) has said life expectancy at birth for men between 2021 and 2023 in England actually fell by 1.7 years and in Wales by 1.1 years compared to the years between 2017 and 2019. For women, it fell by 1.9 years in England and 2.2 years in Wales.
The fall has triggered a debate about raising the state pension age, which will increase to 67 between 2026 and 2028 and 68 after 2044. Labour pension minister Torsten Bell, who was speaking at the Pensions and Lifetime Savings Association’s annual investment conference in Edinburgh this week, admitted to the Express that the age rises may need to be reviewed in the future.
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Mr Bell said: “It is something people should be thinking about, but we should be thinking about it. That’s not just a pensions issue. It’s about our health system, it big problem for the country.”
Bell said the issue was concerning, adding: “It is a slow down of the pace of progress, not an actual going backwards. But that still counts as a big backslide.”
The amount most people receive in pension will rise in April, but a staggering 500,000 will miss out on the triple lock boost. Under the current system, the state pension will increase by 4.1% in a matter of weeks, but UK expats will be exempt from the rise.
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(File image) Labour has already withdrawn winter fuel allowance from many pensioners (Image: Getty )
Labour’s ‘frozen pensions policy’ will prevent just under half a million expat pensioners from an extra £470 a year due to the banning of annual increases for retirees in certain countries.
On April 6, the basic state pension will increase from £169.50 to £176.45 weekly.
The new state pension will rise from £221.20 to £230.25 per week. However, affected expats see their pensions permanently frozen at the rate when they first claim it.
