The independent review of the state pension age is progressing, with its leader warning that some countries are raising their retirement age to 70.
Dr Suzy Morrissey, who heads the review, told the BBC Money Box show that age increases are already happening and that the UK is likely to reach 68 in due course. Asked about the possibility of the retirement age rising to 70, she said: "We have got age increases happening, and so we know that we're likely to get to 68 in due course. So, anything is possible in terms of any increasing. 70 is not unusual in other countries."
Life expectancy and healthy years
A key part of her study is examining changes in life expectancy and how these should influence the state pension age. She said life expectancy is continuing to increase, though not as quickly as before.
However, another major concern is healthy life expectancy, which measures the number of years people typically live in good health. Here, the figures are moving in the opposite direction. Dr Morrissey said: "Healthy life expectancy is actually decreasing. So we're spending fewer years in good health."
She added: "And so, of course, as the state pension age increases, that means that we're likely to be spending years of ill health, but still under state pension age." Because people are experiencing ill health earlier in life, they may struggle to stay in work.
Employment challenge for older workers
The reviewer noted that the employment rate for people aged 50 to 64 is only 70 per cent, falling to 42 per cent by the year before state pension age. The state pension age is currently rising gradually from 66 to 67, between April 2026 and April 2028.
Asked about the difficulty of finding a job after 50, and even more so in your 60s, Dr Morrissey said: "I think it's fair to say that that is a challenge." She suggested people may need to change their mindset about how late in life they are prepared to work, adding: "Then there's something about the employment that we have, the types of roles that we're offered. When you speak to people about working into their late life, they often talk about flexibility as being really important."
Report due by spring 2027
Once her independent study concludes, Labour will consider the findings and decide whether any changes are needed to the current state pension increase plans. Dr Morrissey said the report is unlikely to be published before spring 2027.
Another increase, from 67 to 68, is scheduled to take place between April 2044 and April 2046. The state pension age can be checked on the Government website.
