Hymans Robertson paper: Adequacy begins with SPa
From next April the state pension will be more than £12,500 a year and remains a cornerstone of adequate retirement income, the paper states. But in its current form it is unsustainable.
The government must develop a clear framework for the future of the state pension, considering not just cost, but whether means testing is appropriate, and moving away from the unsustainable triple lock, the paper argues.
Read the full report to find out:
- If the state pension rose by a year every 10-15 years, people would still receive it for roughly a third of their adult life.
- On this path it could rise to 68 in around 2040, 69 in 2050, and 70 in 2060.
- £6bn a year invested for all newborns would be enough to pay for their state pension by the time they reach SPa.
Supplied by REBA Associate Member, Hymans Robertson
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