The ratcheting up of state pension age based on life expectancy
was originally announced in January 2013. As part of the Autumn
Statement, the Chancellor has now confirmed that future changes
should be based on the principle that people should expect to spend
up to one third of their adult life (taken to start at age 20) in
receipt of state pension. The DWP has suggested that this means
that the increase to 68 would be brought forward to the mid-2030s,
and the increase to 69 would happen in the late-2040s.
There are no immediate changes to the state pension age
timetable as a result of this announcement. The DWP has published a
note on how the calculations may be done in practice, with a more
detailed note on methodology to follow. The first review will take
place by May 2017.
