The IFoAs state pension age working party (SPAWP), working with the pensions board and the policy and public affairs team, has submitted a detailed report to the independent review of state pension age.
The IFoA's state pension age working party (SPAWP), working with the pensions board and the policy and public affairs team, has submitted a detailed report to the independent review of state pension age. Sir John Cridland, former director-general of the Confederation of British Industry (CBI), is leading the review.
The aim is to make affordable, long-term recommendations to the government on state pension age arrangements that are "fair to current and future generations of pensioners, and consistent with supporting fuller working lives".
The IFoA has been proactive in influencing the review, acting to engage with Cridland early in the evidence-gathering phase. Immediate past-president Fiona Morrison and SPAWP member Steven Baxter met him in May to discuss the scope of the review. SPAWP used this discussion to shape its report. Building on its original 2015 paper, it has focused on three main areas:
- Sensitivity of the formulaic link to projected longevity
- Alternatives to a universal SPA
- Practice in other countries.
Our submission will be used alongside other evidence to inform the review's interim report, working hypotheses and formal consultation, expected for release this autumn.
Cridland will submit his final report to the secretary of state in March 2017. We will continue to engage with the review wherever appropriate throughout this process.
The working party's report is available at bit.ly/2cbAHac
Download the working party's 2015 sessional report at bit.ly/2cwkeOB