At a parliamentary question table, Liberal Democrat MP Zöe Franklin asked Pat McFadden, the Secretary of State for Work and Pensions, if the Government would assess the “potential merits” of reducing the age of eligibility to 60 for women and 65 for men, reports Manchester Evening News. However, the prospect was dismissed by the Parliamentary Under-Secretary of State for Pensions, Torsten Bell.
Mr Bell said: “The pace of State Pension age increases was hugely, and unfairly, accelerated by the Liberal Democrat and Conservative Coalition Government.
“The Government is required to regularly review State Pension age under the Pensions Act 2014. The Government’s third State Pension age Review is underway and will assess the rules for State Pension age based on the latest life expectancy data and other evidence.”
This comes following the recent incremental rise from 66 to 67 – a transition scheduled to be fully implemented over the next two years.
Those born between April 6, 1960, and April 5, 1977, will be directly impacted and therefore forced to wait an extra year to claim their benefits.
The new policy has drawn significant opposition from anti-poverty advocates and parliamentary committees.
Data from the 2023/24 financial year showed that 22% of people aged 60 to 64 were already living in poverty before the current increases.
The cross-party Work and Pensions Committee has launched an investigation into the financial income gap facing this financially vulnerable group.
Committee Chair Debbie Abrahams said: “Pre-pensioners are particularly exposed. You could’ve worked a gruelling 45 years as a skilled tradesperson, paying taxes only to find yourself short of cash as you limp from day-to-day for more years until the pension payoff.”
The Government has explained that the rising pension age is a necessary fiscal response to an ageing population; however, independent experts have questioned this.
Elaine Smith, head of employment and skills at the Centre for Ageing Better, has challenged the reasoning behind the policy.
She explained: “The rationale behind repeatedly raising the state pension age was based on increasing life expectancy. But life expectancy nationally is lower now than it was before the pandemic.”
The DWP has stated that alternative provisions remain available for those facing the gap between early retirement and state support.
A DWP spokesperson said: “Those who have not reached state pension age can access a range of support, such as universal credit and other means-tested and disability-related benefits.”