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Raising pension age 'would help public finances'

By Tom Farley, Wed 3 Mar 2010 - Published in Pensions

Public debt could be eased if the state pension age is increased, experts have suggested.

A recent report by professional services firm PricewaterhouseCoopers recommended that the state pension age is gradually increased to 70 by 2046, in order to make a saving of £9 billion per year for public finances.

Commenting on the study, Charlie Kirby, deputy editor for Pensions Week, said she agreed with the findings and suggested that a total of £150 billion could be saved by 2050 if the move is made.

The expert also suggested that corporate pension providers will have to look at ways to become more flexible if the state pension age is raised, but claimed current UK legislation rules out options such as collective defined contribution arrangements to them.

"Corporate Isas, share save schemes and group self invested personal pensions are already available, and signs appear to point to an increase in development in this area," Mr Kirby added.