UK pension age limit: The government of the United Kingdom may have to take major decisions regarding the pension age limit. Recently a serious issue has risen regarding the age of people in the states. Because of the modern medical facilities, the life span of average people has also increased, which may force the government to think about the limit of pensions for the old age people. Recently,
Proposal to revise age criteria for pension
Helen Morrissey, head of retirement highlighted the issue that the average life span of people in the UK has significantly increased over the past few years. For that, she suggested fast-track beyond 70 as more people are living to 100. According to some stats published in media reports, 16,600 centenarians in the UK in 2024, which is almost double in numbers in comparison to the figures registered 20 years ago. There were an estimated 625,000 people aged 90 years or over in the country in 2024, up by more than 50 per cent since 2004, and 2.2 per cent higher than since mid-2023.
Will the government take a decision soon?
“It’s a huge positive that more of us are likely to hit 100 but it does also bring its own financial challenges. First and foremost, increasing numbers of pensioners claiming state pensions for longer time periods are pushing up the state pension bill”, Helen Morrissey said.
“It is an issue front and centre of Government with a review into state pension age ongoing. Potential options to mitigate the bill could include reform of the triple lock mechanism used to increase the state pension every year. We will also likely see further discussion on whether the timetable for state pension age rises needs to accelerate even further and we could see a timetable put in place for a state pension age rising into the 70s.”
As of now, it is only a proposal, nothing has final yet. But it is worth to say that behind the statements there are enough logic to support.