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State Pension Age Changes deferred

The State pension age was due to change to 67 from 2021 and to 68 from 2028.

However, these changes have been deferred pending the report of the Commission on Pensions due June 2021 and any subsequent Government decisions on its recommendations. While the current political atmosphere is not favourable to any increase in the State Pension age, the long term affordability of the State Pension remains a challenge.

In general the change will have little impact on most company pension schemes and most schemes won’t need to take any action. 

However, some schemes/employer may have actions arising from this:

  • Some employees may have decided to wait until their 67th birthday to retire in order to be immediately eligible for the State Pension.  Employers should make sure that these employees are made aware of the deferral.

Death-in-service and income protection (risk) benefits

  • Employers who had planned to change their Normal Retirement Age (NRA) to 67 in line with the change in the State Pension age can postpone making this change.
  • It is important to note that arranging risk cover for members who are working past their Normal Retirement Age requires individual underwriting.

Pension schemes:

  • Similar to risk benefits, employers who had planned to change their NRA to 67 can postpone any changes.
  • Schemes should ensure any communication material for employees such as booklets reflects the revised position.