Lord Adair Turner, former Chairman of the FSA and Pensions Commission, has proposed raising the state pension age to 70 by 2030 (State Pension Age).

The proposal, which represents a radical acceleration of the government’s current timetable, would affect workers aged 56 and under.

However, Lord Turner said those working in physically demanding industries or on low incomes could be granted earlier access at a lower rate.

Speaking at a private event on last Friday, Lord Turner was quoted as saying: “I would make the state pension more generous at 70 and, in addition, I would introduce forms of state pension or means-tested benefit, which would be available for lower-income people who have retired from 65 or 66 onwards.”

The current timetable for raising the age pension edibility age stops at 68, which would reach 2048.

However, with a government review chaired by John Cridland into the state pension age currently underway, this timetable is likely to change.

The review is in the consultation phase.

(FT Adviser, May, 2016)

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