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IFS Zooms In: The Economy
The future of the state pension
Dec 21, 2023
Jonathan Cribb, Associate Director at IFS, and Baroness Ros Altmann discuss challenges with the state pension, including the determination and value of the pension, the impact on women, moving towards universalization, and flexibility and challenges in the pension system.
35:26
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Quick takeaways
- Challenges surrounding the state pension system include fairness and equitable access, complexity, and concerns about its adequacy.
- Raising the state pension age can lead to income disparities and inequality, particularly for vulnerable groups.
Deep dives
Overview of the State Pension
The UK is facing an aging population, with a projected increase of 25% more pensioners by 2050. The state pension is the primary means of supporting people in retirement, currently starting at age 66. The state pension has become simpler over the years, with the introduction of the new state pension. This new pension provides a flat rate of around £204 per week for those who reach pension age from 2016 onwards. The value of the state pension increases based on a rule called the triple lock, which ensures it rises in line with the highest of earnings growth, inflation, or two and a half percent. While the state pension serves as a basis for retirement income, it is not intended to be the sole income source for most pensioners.
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