Speech

Queen's Speech: Pensions and Savings Bill

Notes on: "…the timetable for increasing the State Pension Age will be reviewed."

From:
Prime Minister's Office, 10 Downing Street and Her Majesty the Queen
Published
25 May 2010
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
Delivered on:
(Speaker's notes, may differ from delivered version)

Under current legislation, the State Pension age is due to increase to 66 between 2024 and 2026 followed by two further increases at ten-year intervals. The review will re-examine this timetable and make recommendations.  

The purpose of the Bill

  • Implement the findings of the review of the current timetable for increasing the State Pension age, if the review finds that the existing timetable is no longer appropriate. 

The main benefits of the Bill

  • To help ensure the future affordability of the State Pension, including the restoration of the link between earnings and the basic State Pension.  

The main elements of the Bill

  • Depending on the outcome of the review, the Bill would amend existing legislation to implement a revised timetable for increasing the State Pension age.
  • Coalition Programme chapter 23 (Pensions and Older People).

Existing legislation in this area

  • Pensions Act 2007, which set out the current timetable for increasing the State Pension age from 65 to 68 in three stages.
  • Pensions Act 1995, which sets out the timetable for increasing women’s State Pension age from 60 to 65 between April 2010 and April 2020.

Devolution

The Bill would apply to England, Scotland and Wales, under powers which are reserved to Westminster.

Published 25 May 2010