19 July 2017
Following the announcement by the Secretary of State for Work and Pensions David Gauke that the government intends to bring forward the rise in the state pension age (SPa) to 68, from 2044 to 2037-2039, Derek Cribb, CEO at the Institute and Faculty of Actuaries (IFoA) said:
“It is encouraging to see these changes to the state pension age announced well in advance in an attempt to give those affected time to adjust and plan accordingly. We welcome the government’s commitment to considering intergenerational fairness, and to viewing policy in a long-term context.
“IFoA believes effective engagement and guidance will be crucial to ensure this change is fully understood. The Department for Work and Pensions (DWP) has committed to a communications strategy to support financial planning, including pensions, in later life. We look forward to seeing DWP activity develop over the coming months.”
*ENDS*
Editorial notes:
About the Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.
Contact Details
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sonia.sequeira@actuaries.org.uk
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