18 June 2018

New longevity data could mean state pension increase to 68 is pushed back

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Helen Morrissey, Personal Finance Specialist

Helen Morrissey

Personal Finance Specialist

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Commenting on today’s ONS statistics into changing trends in mortality in England and Wales Helen Morrissey, personal finance specialist at Royal London said:

"These figures add further fuel to the idea that the increases in longevity we have seen for so many years are beginning to slow down and if this trend continues there will be major implications for policy around state pension age for instance.

“We have seen steep increases in state pension age in recent years and only last year the government accepted the results of a review which suggested bringing forward state pension age to 68 by 2039 – seven years earlier than currently legislated for. If the trends suggested by these figures continue, the government could find itself having to push back a previously announced increase in state pension age.

“The ONS does say that these latest figures are in part affected by flu and cold spells, which is obviously not a solid basis for long term policy making. However, if the figures repeatedly show that something has changed then policy makers need to do more to understand the underlying drivers and their implication for policy making going forward."

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For further information please contact:

Helen Morrissey, Personal Finance Specialist

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.