Pensions letters

The future of the state pension

Published on 21 December 2023

We discuss the current challenges facing the state pension - and options for reform.

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With an ageing population, the UK faces a series of significant challenges with regard to its state pension. The OBR estimates that spending on the state pension, pension credit and winter fuel payment is expected to rise by 1.2% of national income (£32 billion per year in today’s terms) by 2050.

How does the state pension work? What are the problems with it? And how can we reform it to work more effectively?

In our final episode of the year, Paul is joined by Jonathan Cribb, Associate Director at IFS and Head of the Retirement, Savings, and Ageing sector, and Baroness Ros Altmann, a life peer, pensions expert and former Pensions Minister.

Zooming In: discussion questions

Every week, we share a set of questions designed for A Level economics students to discuss, written by teacher Will Haines.

1. What is the state pension triple lock and how much do you get every week?

2. How do health inequalities across the UK pose a challenge to the government in relation to pension policy?

3. Should everyone be entitled to the state pension and should the government guarantee this for future pensioners. 

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