30 March 2023
Responding to the announcement from Work and Pensions Secretary Mel Stride that the Government will not bring forward the date the state pension age will rise to 68, Matt Saker, President at the Institute and Faculty of Actuaries, said:
“We welcome confirmation that the Government will pause any decision until a proper examination of longevity impact can be undertaken. Increasing longevity has been the driving force behind previous rises in the state pension age and it is right that Government properly assesses longevity trends before accelerating any planned increase in state pension age.
“The Neville-Rolfe report and evidence from the Government Actuary’s Department show that increases in life expectancy are slower than initially predicted. Raising the state pension age at a quicker rate in this context could have a detrimental impact on younger generations.
“The IFoA is keen to encourage policy decisions which provide a stable environment for people to save for the long term through a pension, and which remove unnecessary barriers or disincentives to doing so. Government must now engage with the wider pensions industry on short term longevity trends and their impact on future state pension age rises.”
~ENDS~
Sonia Sequeira, Media Relations Manager, IFoA
Tel: 07525 592 198
Email: sonia.sequeira@actuaries.org.uk
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.
Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.
For all media queries please contact Sonia Sequeira, Media Relations Manager