The Department for Work and Pensions (DWP) has reaffirmed that a comprehensive review of the state pension age is underway, with Labour Party’s Pat McFadden confirming the process remains on schedule. Speaking in Parliament, McFadden emphasized that periodic reviews of the pension age are built into the system and that while changes are not set in stone, they cannot be ruled out.
“The state pension age has gradually increased over recent decades,” McFadden commented. “I’m not pre-empting any decision, but this review is part of a carefully managed process.”
He highlighted the diverse experiences of reaching pension age, noting, “Being 67 or 68 can feel very different depending on where you live. In my own constituency, it contrasts significantly with more affluent rural areas.”
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Acknowledging the complexity of the issue, McFadden stressed the importance of considering multiple factors, including economic affordability and the realities faced by older workers. “These are difficult decisions that must balance providing security in retirement with fiscal responsibility,” he said.
The last major review, known as the Cridland review in 2017, recommended raising the state pension age from 67 to 68 between 2037 and 2039. Furthermore, the Office for Budget Responsibility’s March 2025 forecast suggested that increasing the pension age from 66 to 67 could save approximately £10 billion annually by 2029-30.
McFadden concluded by emphasizing the importance of ongoing careful assessments to ensure the pension system remains sustainable and equitable for all.