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Budget 2021 LIVE:Sunak 'to unveil' state pension age change lifeline after triple lock axe

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The pensions industry has called on the Chancellor to stay away from radical reforms and instead change existing rules to help people save more.

Mr Sunak could deliver something which would ease fears over the rising age at which people can claim a state pension.

The Exchequer has committed to almost £26billion of spending and Mr Sunak faces a big task in pleasing everyone, including lots of worried Tory MPs about increasing taxes and a government spending lots of money.

Raj Mody, global head of pensions at PwC, said: “The programme to push back the state pension age, which could reach 69 by 2050, has a worse impact on those with lower life expectancies, who are more affected by missing out on earlier payments.

“A possible alternative to announce at the Budget, instead of a one-size-fits-all delay to the retirement age, could be a flexible ‘state pension window’ which retains the option for people to access some level of state pension from 65 or 67, with incentives for others to take it later.”

Simon Goldthorpe, joint executive chairman of Beaufort Financial, said: “Doing away with higher rate tax relief on pensions could net the Chancellor an immediate multi-billion-pound windfall and would only affect higher earners.”

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