"There are no votes to be won in telling people they have to work longer, so it is hardly surprising the government has chosen to kick the can down the road until after the General Election."
Hargreaves Lansdown says this appears to be in contravention of section 27 of the Pensions Act 2014, which committed the government to a firm timetable, stating that "the first report must be published before 7 May 2017".
The Cridland review is an independent report for the Secretary of State for Work and Pensions on future State Pension arrangements.
The report recommends raising the state pension age to 68 between 2037 and 2039 - seven years earlier than currently planned.
It also recommends that the triple lock, which raises the state pension by whichever is the highest of average earnings, prices, or 2.5% — be scrapped and replaced with a link to earnings.
Tom McPhail, head of policy at Hargreaves Lansdown, commented: “There are no votes to be won in telling people they have to work longer, so it is hardly surprising the government has chosen to kick the can down the road until after the General Election. Nevertheless, whoever forms the next government, this challenge will have to be addressed and sooner rather than later. Under some models explored by John Cridland and the Government Actuary, state pension ages could be rising to 70 for some in their 30s today, so people need to know what to expect.
"It may well make sense for the next government to bundle together the review of the state pension age with any decisions regarding the inflation-proofing for the pension.”
Steven Cameron, Pensions Director at Aegon, added: “Alongside Brexit, state pensions will be firmly on the General Election battleground. Decisions on future increases in state pension age will affect people for decades to come and it’s right for the Government not to rush out a pre-Election commitment.
"However, voters deserve to know what plans each Political Party has for the state pension, both the age from which it comes into payment and also how increases will be determined. State pensions face an ongoing challenge from demographic changes and increases in life expectancy and as funded by the working population, need to be affordable long term. Party Political Manifestos should be bold and set out their state pension stall in detail.”
