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Briefing Note 60 - What are the implications of the Government’s latest legislation increasing State Pension Age?
The State Pension Age (SPA) is the age at which people are first eligible to claim a state pension. The Coalition Government has recently passed legislation to raise the SPA more quickly than was legislated for by previous Governments.The SPA is rising due to increased costs brought about by increases in life expectancy. The initial draft Bill legislation generated concern that some people, especially women, were not being given enough time to adjust to changes by working longer or saving more. Therefore the Coalition Government amended the initial legislation before the Bill passed into an Act, capping any increase in the length of time a woman will need to wait for her state pension at 18 months
This Briefing Note explores the potential implications of recent and future SPA increases. It discusses why the SPA is rising and how the legislation impacts the population.
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