Increase in state pension age delivers £11bn savings for govt - Aegon

Sophie King
clock • 1 min read

Increases to the state pension age are set to save the government billions of pounds each year due to the fact almost 700,000 people will have to wait longer before benefitting, according to analysis undertaken by Aegon.

Around 670,000 people each year will now have to wait longer before benefitting, which could see the government save some £11bn a year in state pension payments. These savings may well be needed to fund the increased costs of NHS and social care funding as society ages, Aegon said. The state pension age has been 65 for men since 1925 but only became that for women from 6 November 2018. Starting next month and spread over two years, it will then gradually increase for both men and women to 66. Aegon pensions director Steven Cameron said: "Hopefully these increases will not come as a sh...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Government confirms no compensation for WASPI women over state pension age changes

Government confirms no compensation for WASPI women over state pension age changes

DWP finds communication delays did not amount to financial loss

Martin Richmond
clock 17 December 2024 • 4 min read
Chancellor's move to pause Pensions Review 'deeply disappointing'

Chancellor's move to pause Pensions Review 'deeply disappointing'

Rachel Reeves has reportedly pressed indefinitely paused the review

Jenna Brown
clock 16 December 2024 • 3 min read
FCA targets pension transfers and SIPPs in major review

FCA targets pension transfers and SIPPs in major review

Regulator launches review of DC pension rules

Isabel Baxter
clock 13 December 2024 • 4 min read