Chancellor George Osborne announced the Government's intention to increase state pension age earlier than previously planned
 
　　05 December 2013
　　It is now intended that by 2030 state pension age will be 68 and by 2050 it will be 70. Jim Boyle from the IFoA commented on the announcement;
　　“The evidence for increasing longevity is overwhelming and in order that the state pension remains sustainable the IFoA believes it is important to regularly review the state pension age in light of longevity changes.  However, the wide variation in expectation of life according to social class and geography brings out complex social and economic issues which will affect the cost of welfare as well as the cost of state pensions. Both of these issues should be considered when calculating the cost saving of increasing the state pension age.”
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