Governments of developed countries are facing growing pressures from the fiscal demands of an ageing population. To cope with this, they have tried to get individuals to work longer, primarily by raising the ages at which state pensions can be claimed. In the UK, where government spending on pensioner benefits represents over 5% of GDP, state pension age has already been increased to 66 (from 60 for women and 65 for men). It is currently scheduled to increase to 67 between 2026 and 2028 and to 68 between 2044 and 2046. The Government is considering bringing the increase to 68 forward to the period 2037-2039. This chapter evaluates these proposed changes from a wellbeing perspective.

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4 September 2024     Paper Number CEPOP66

Download PDF - A wellbeing cost-benefit analysis of raising the state pension age

This CEP occasional paper is published under the centre's Community Wellbeing programme.