The State Pension Age (SPA) for everybody in the UK is currently 66, but a new report set for release this year could see the age increase, causing some concern for those eyeing retirement. In his Autumn statement, chancellor Jeremy Hunt announced there would be a review into the current age which would consider whether to quicken the already planned increases.
The SPA review will examine issues of cost and intergenerational fairness, with Work and Pensions Secretary Mel Stride suggesting last year the impact could become "pretty hairy", as reported by Leicestershire Live. Speaking to the Work and Pensions Committee, who pointed out that life expectancy is not rising, he said: "I think there are various moving parts in assessing where we should go with the SPA.
"One of them is life expectancy and more precisely, what proportion of your life should we expect people to have in retirement as opposed to not in retirement?"
