The Chartered Institute of Payroll Professionals
News On Line
As life expectancy falls within the UK, this has called for a revision of the retirement age increases. A recommendation of the rise from 66 to 67 years of age, will happen between 2026 and 2028. It was also reported that a further review is to be undertaken within two years of the next parliament. However, details given indicated that the government stands by the triple lock for pensions.
The work and pensions secretary, Mel Stride said:
‘‘It has been in legislation since 2014 and will continue to give certainty to those planning their retirement.
Given the level of uncertainty about the data on life expectancy, labour markets and the public finances, and the significance of these decisions on the lives of millions of people, I am mindful that a different decision might be more appropriate once those factors are clearer.
The current rules for the rise from 67 to 68 therefore remain appropriate and the government does not intend to change the existing legislation prior to the conclusion of the next review.
The government remains committed to the principle of 10 years’ notice of changes to state pension age and will ensure that any legislation can be brought forward in a timely manner. ’’
Many believe that if the state pension age and cost-of-living continues to soar, senior citizens will struggle to stay in full-time work and may have to wait longer for pensioner benefits.
Back to contents
LGPS gender pension gap report Published: 18 May 2023 Emailed: 24 May 2023
The Government Actuary's Department (GAD) has analysed the Local Government Pension Scheme (LGPS) gender pension gap. The report provides an initial overview of how pension income and total pension pot size in the LGPS vary by gender, based on data as of 31 March 2020. The report refers to the differences between the pension benefits built up by men and women. The LGPS Scheme Advisory Board (SAB) asked GAD to help explore the extent of differences in benefit outcomes. The SAB has now published GAD’s update report .
Report details
The findings were that on average, men receive higher pensions than women. This difference is largest for pensions currently in payment, but lower for individuals still accruing benefits particularly benefits accrued since 2014 on a career average basis.
cipp.org.uk
Page 238 of 314
Made with FlippingBook - Online magazine maker