UK Budget – state pension age will rise with longevity

The good news is, we’re all living longer! Longevity, as the experts call it (how long we live, on average) is rising in the UK.

The bad news, from today’s UK budget, is that the State Pension Age (SPA) will be linked to longevity measurements, and so will also be rising as we all live longer. So those Golden Years of retirement you’ve been planning for may have to wait a bit longer, if you are not already close to retirement age!

The Employee Benefits website writes about today’s announcement –

“The government will commit to ensuring the state pension age is increased in future to take into account increases in longevity.

It will also publish proposals at the same time as the Office for Budget Responsibility’s (OBR) 2012 Fiscal sustainability report this summer.

According to Chancellor George Osborne in the 2012 Budget report, this action is being taken to tackle long-term fiscal challenges associated with an ageing population.”

Comments are closed.