State Pension Age Independent Review

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Presentation transcript:

State Pension Age Independent Review TUC Conference: People and Pensions 1st February 2017 Sofia Stayte Head of State Pension Age Independent Review

Affordability Fairness Fuller Working Lives State Pension age review: Three Pillars Affordability Fairness Fuller Working Lives

Affordability

Dependency ratio (65+) Now 2040s

Pensioner spending over time Source: OBR FSR 2017 data

Fairness

A Tale of Two Cities

Socio-economic variations in healthy life expectancy Source: ONS 2016 Health state Life Expectancies (general health) and Life Expectancy, 2010 to 2012

Disability or ill health Serious impacts to consider Women Carers Affected groups Disability or ill health Self-employed BAME

Fuller Working Lives

Position of older workers Source: ONS Data from Labour Force Survey

Employment rate of older men, 1968-2013 (IFS) Source: Family Expenditure Survey (1968–1982), Labour Force Survey (1983–2013). Figure 2.1 in Retirement in the 21st Century (IFS)

What would encourage people to work longer before retiring? Source: British Social Attitudes Survey, DWP analysis

Consultation

Consultation responses Range of respondents: Individuals Trade unions Charities Think tanks Pension funds and organisations

Consultation themes Key issues raised included: Caring Ill health leading up to SPa Measures to help older workers Burnout Healthy Life Expectancy

Discussion

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