The State Pension is cherished by the British people.
Commenting on today’s Cridland Review of the state pension age, Alistair McQueen, Head of Saving & Retirement at Aviva said:
“The State Pension is cherished by the British people. Aviva’s own research1 identified that an overwhelming 98% of people viewed it as being important to society and any changes must therefore be undertaken with care and widespread consideration. We believe that the Cridland Review2 is rising to these needs.
“The long-standing state pension ages of 65 for men and 60 for women were set in 1948 at a time when life expectancy at birth was 66 for a man and 71 for a woman. Today these life expectancies have risen by more than a decade, to 79 and 83 respectively. Life expectancy is only one consideration, but it does suggest the state pension age can’t stand still.
“After nearly 60 years of stability, four changes to state pension ages have been agreed since 1995. Sporadic changes are in no-one’s interest. Aviva therefore welcomed the agreement in 2014 to ensure a formal review every five years – the first of which we see being published today.
“All concerned must carefully consider Cridland’s recommendations. If Parliament does agree to further change, there are important responsibilities that come with change.
“Britain’s 30 million workers must be fully informed of these changes and the system of automatic enrolment must be fit for purpose. Aviva has stated that current minimum contribution levels are too small and coverage is too narrow; and employers must take action to support a longer working life. We note with enthusiasm Cridland’s proposal for a mid-life financial MOT for all. Automatically enrolling workers at age 22 and then leaving them unsupported until retirement is not good enough.
“Changing the state pension age is one thing. Ensuring all understand these changes and are helped to adapt is the real challenge.”
Ends
2 https://www.gov.uk/government/publications/state-pension-age-independent-review-final-report
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Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £340 billion in assets. Total group assets under management at Aviva group are £450 billion.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £34.4 billion in benefits and claims in 2016.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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