State pension age 'should be reviewed regularly'

The Pensions Policy Institute has called for regular reviews of the state pension age in order to maintain the affordability of financial provision for over 50s.

The state pension age should be regularly reviewed to ensure that government provision for over 50s' needs remains financially viable.

This is the view expressed by the Pensions Policy Institute (PPI), which states that the increasing average life expectancy means that the current pension age of 65 - introduced in 1948 - is becoming anachronistic.

Niki Cleal, director of PPI, pointed to the fact that the average 65-year-old is now drawing a pension until they are 86, compared to pensioners in 1948, who were only expected to do so until age 77.

She said that reviews were therefore necessary to "maintain the affordability of the state pension system".

However, Ms Cleal added that any reviews or changes must also take into account the need to give adequate notice to older people looking to plan for retirement.

This echoes the sentiments of over 50s charity Age Concern and Help the Aged, which warned that sudden changes to the pension age could come as a "big shock" to those planning to retire.

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