The Government’s state pension age review has a sting in its tail ✒️ stevewebb1 via ipaperviews
and sluggish economic growth, we are likely to see spending on state pensions eat up more and more of our national income. In 2021/22 we spent 4.8 per cent of our national income on state pensions and related expenditure. This is set to rise to 5.5 per cent over the next 20 years and to a startling 8.1 per cent over the next 50 years.
But a rigid and absolute cap of this sort would be a very draconian measure. If the whole effort of keeping spending within the cap was borne by changes in state pension age, we could easily see today’s younger workers facing a pension age of 70 or above. Alternatively, the generosity of the state pension would have to be cut back, with not only the triple lock but even a link to earnings coming under threat.
For example, across the whole of Scotland, the average “healthy life expectancy” for a male at birth is 61.9 and for a female 61.2 years. This is the best part of a decade short of the kind of state pension ages being talked about. And in particular areas the figures are even more shocking. In Glasgow, healthy life expectancy at birth is just 56.1 years for a male and 55.8 years for a female.
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