Pensions UK recommendations to Third State Pension Age Review notes healthy life expectancy should guide future pension age increases
Pensions UK has submitted recommendations to the Third State Pension Age Review, proposing that State Pension age increases should only occur with corresponding improvements in healthy life expectancy and 10 years advance notice to savers. The submission recommends maintaining a single State Pension age to avoid confusion whilst allowing flexibility for early retirement in certain circumstances. Pensions UK acknowledges that the Triple Lock mechanism cannot be sustained indefinitely, noting Office for Budget Responsibility projections indicating state pension spending could reach 7.7% of GDP by the early 2070s from around 5% currently. The organisation recommends establishing a clear adequacy level for the State Pension and transitioning to a more sustainable uprating mechanism once this baseline is achieved. The State Pension age is currently 66 and is scheduled to increase to 67 by April 2028, with the government having launched the independent review in July 2025 to assess appropriateness based on updated life expectancy data and financial pressures.