Cridland expected to keep universal state pension age

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Cridland expected to keep universal state pension age.

John CridlandThe review of the state pension age (SPA) is expected to say savers should not be able to take their state pension early if they are ill, according to a report in the Financial Times.

On Thursday the government is set to release its review of the SPA. This review is being led by former Confederation of British Industry (CBI) director general John Cridland.

Many in the industry have called on Cridland to look at a flexible SPA depending on the circumstances of individuals. Steven Cameron, director of pensions at Aegon, has said the review should allow for early access of the state pension at a reduced level if savers choose to take it early.

Labour’s shadow pensions minister Alex Cunningham has also called for a variable SPA to be looked at, particularly for workers who have had hard manual labour jobs and have lower life expectancy.

However Cridland said last year in a speech that moving to a variable SPA depending on personal circumstances would be ‘horrendously complicated’.

According to a report in the Financial Times, Cridland will recommend that people should not be allowed early access to their state pension if they are disabled or have had very long working lives in his report expected later this week.

He is instead expected to keep a universal SPA but provide additional support for groups such as carers.

Ros Altmann, former pensions minister, said it would be a shame for Cridland not to adopt a flexible SPA.

‘It is disappointing that there will not be flexibility in the state pension age access. The system makes no allowance for differential life expectancies across the regions of the UK and no allowance for different industrial occupational work experience,’ she told the Financial Times.

Read the original story on the Citywire website.

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