You are here

State Pension Age

The State Pension has an important role in ensuring people are able to maintain a basic standard of living once they retire. For the State Pension to be sustainable and fair across generations in the long- term, the Government has reformed the amount of the State Pension, the amount it is increased by year on year and the age at which individuals will start to receive their pension.

The Government has:

  • set the new State Pension at a level it has determined will enable pensioners to maintain a basic standard of living and avoid poverty during their retirement.
  • introduced the “triple lock” to ensure that pensioners’ incomes rise in line with increases in living cost. This lock guarantees to increase the State Pension by whatever is the highest of three factors: inflation, average earnings or a rate of 2.5%.  This means that the costs of funding pensions will significantly increase over time, which has raised issues of intergenerational fairness, where average earnings are not increasing at the same pace. 
  • committed to increasing the State Pension age year on year to keep pace with increasing life expectancy. Our work below highlights the challenges and benefits around increasing the state pension age including how to fund it, the rate of increase, and a review of pensions’ tax credits and benefits.

 

Contact Details

For further information on any of our public affairs or policy work please contact us on:

policy@actuaries.org.uk

Filter or search events

Start date
E.g., 26/01/2021
End date
E.g., 26/01/2021

Events calendar

  • Spaces available

    Drawing from his most recent book “The New Long Life” and his longevity research Andrew J Scott will outline how longer lives and new technologies will fundamentally reshape how we structure our lives and transform the economy. As well as looking at the agenda this will set governments and corporates he will focus on the implications for you and how you prepare your future career.

  • India Town Hall

    Webinar
    28 January 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann. 

  • Spaces available

    What are the options for the world economy looking ahead?

    In this Thought Leadership Lecture, Economist, Vicky Pryce, will be discussing world economic trends, including the differences in geographical performance and how output is recovering and where.

  • Spaces available

    Trust and Leadership for Actuaries

    Led by Dr. Jim Baxter, University of Leeds, this webinar introduces some key ideas in the ethics of trust, with a particular focus on those in, or on the path to, leadership roles. Dr Baxter is joined by a panel of experienced leaders who will give their personal perspectives on how they understand the value of trust and how they seek to promote and inspire trust, drawing on their experiences of leadership. The panel includes:

  • Health and Care Hot Topics webinar

    Online webinar
    10 February 2021

    Spaces available

    In this webinar, we have two presentations showing the latest research on the implications for life and health insurers of two key issues: genomics and pandemic risk.

    Dr Peter Joshi and Paul Timmers will share their research on how well-established underwriting processes can allow for genomics in predicting expected mortality and morbidity. They will then discuss the potential for stratified screening and personalised medicine to improve health and reduce claim costs.

  • Spaces available

    As the world’s attention begins to turn to COP26 later this year in Glasgow, Sarah Gordon (Chief Executive, Impact Investing Institute) will share her vision for how the financial services industry can deliver for people and the planet, as well as how to encourage more investment with the intention to generate positive, measurable social and environmental impact alongside a financial return.

  • Sub-Saharan Africa Town Hall

    26 February 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann.

  • MENAP Town Hall

    2 March 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.