Almost EVERY Brit in their 20s can expect to work until they are 74, according to bombshell Treasury prediction
Experts claim the state pension age may have to rise by nearly 10 years to 74 by the early 2060s to cope with the costs of spiralling life expectancy
ALMOST every Brit in their 20s can expect to work until 74, according to a bombshell prediction.
The Treasury’s independent forecaster says the state pension age may rise by nearly 10 years by the early 2060s to cover us living longer.
It adds the number of Brits reaching 100 could have soared from 15,000 now to as many as a million by then — equivalent to the population of Birmingham.
The state pension age is already due to rise from 65 to 66 in 2020, followed by a hikes to 67 in 2028 and 68 by 2046.
Government papers slipped out last month show civil servants assume this will rise to 69 in “the early 2050s”.
Former CBI boss John Cridland is carrying out a Government-backed review into pension costs – and is due to report back by May. A separate report by the Government Actuarial Department is also due to report back by then.
In October he proposed allowing ‘early-access’ to pension pots for Brits who have been on the factory floor, or live in places with low life expectancy.
While someone from Chelsea can expect to live to 88, life expectancy is just 71 in poorer parts of Tottenham. The report also urged Ministers to consider scrapping the ‘Triple Lock’ that guarantees a 2.5 per cent annual pension rise.
Former Tory Minister Baroness Altmann said: “The Government must find better ways to manage pension costs than just constantly making people wait longer. This completely ignores the huge variations in life expectancy across the country.
“At the moment the Government plans to increase state pension age as average life expectancy rises. But this completely ignores the fact that there are huge variations in life expectancy across the country and many people will die much younger than average.”
The Department of Work and Pensions said: “No decision has been made on future changes to current timetables.”
The news comes a day after it emerged “Forces’ Sweetheart” Dame Vera Lynn is releasing a new album to mark her 100th birthday.