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A couple sorting out their finances.(Image: PA Photo\/thinkstockphotos)<\/p>\nThe proposed changes would see the UK mirror Denmark’s approach to retirementA couple sorting out their finances.(Image: PA Photo\/thinkstockphotos)<\/p>\n
The government has issued an update on a proposal to increase the UK State Pension age after publishing an open call for evidence<\/a> ahead of a third review into raising the current threshold.<\/p>\n The Pensions Act 2014<\/a> requires the government to review the pension<\/a> age at least every six years.<\/p>\n The state pension age is currently 66, rising to 67 by 2028 and the government is legally required to periodically review the age.<\/p>\n Ahead of next year’s decision, the Department for Work and Pensions<\/a> (DWP) has appointed Dr Suzy Morrissey to prepare an independent report.<\/p>\n This report must explore the key factors government should consider in determining the State Pension age for future decades.<\/p>\n These elements include life expectancy, long-term sustainability and the international experience of Automatic Adjustment Mechanisms (AAM).<\/p>\n AAM are rules ensuring that certain characteristics of a pension system respond to demographic, macroeconomic and financial developments, in a predetermined fashion and without the need for additional intervention.<\/p>\n The call for evidence is seeking views on these areas from members of the public.<\/p>\n Dr Morrissey has said she is keen to hear views from a broad range of organisations, experts and individuals, including those who have an interest in the wider social and economic impacts of an ageing society.<\/p>\n Anyone who wants to contribute their thoughts can do so by emailing independent.StatePensionAgeReport@dwp.gov.uk, or by sending a letter to: Caxton House, Tothill Street, London, SW1H 9NA.<\/p>\n The DWP has previously hinted<\/a> at increasing he current State Pension age to 68 or even 70, a move that would see the UK mirror Denmark’s approach to retirement.<\/p>\n The Scandinavian country recently revealed its intentions to elevate its State Pension age to 70 by 2040 and has linked its official retirement age to life expectancy since 2006 – conducting reviews every five years.<\/p>\n Currently, the Danish retirement age stands at 67 but is scheduled to climb to 68 in 2030 and 69 in 2035.<\/p>\n Those born after December 31, 1970 will face retirement at 70.<\/p>\n Recently, there have been growing concerns<\/a> over the escalating expense of the triple lock guarantee.<\/p>\n The triple lock guarantee is a UK government policy that ensures state pensions increase by the highest of three figures: average earnings growth, inflation<\/a> (as measured by the Consumer Price Index or CPI), or 2.5%.<\/p>\n This policy aims to protect pensioners’ <\/a>income from falling in real terms due to rising costs or stagnant wages.<\/p>\n