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7/24/2025, 6:36:54 PM
>Brits are facing a stark warning today that the state pension crisis could be even worse than feared.
>Concerns have been raised that estimates by the Treasury's OBR watchdog might be underplaying the challenges posed by life expectancy improvements.
>According to analysis by consultancy Barnett Waddingham, a more 'cautious' approach would be to assume the longevity gap closes between the poorer and wealthier ends of society.
>That suggests spending would be the equivalent of £8billion a year higher by the mid-2070s.
>Maintaining the cost of the state pension at around the current proportion of GDP would then require withholding the payments until people reach 80, rather than 74 as previously mooted.
>The grim calculations emerged as a union threatened to take to the streets if the government tries to increase the official retirement age more quickly.
>The Rail, Maritime and Transport union lashed out after a government review was launched this week - although it is not expected to report until the end of the decade.
>Speculation is mounting about the sustainability of the pensions triple lock, which means the state's old-age payouts rise by whichever is highest out of rates of inflation, earnings or 2.5 per cent every year.
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>Concerns have been raised that estimates by the Treasury's OBR watchdog might be underplaying the challenges posed by life expectancy improvements.
>According to analysis by consultancy Barnett Waddingham, a more 'cautious' approach would be to assume the longevity gap closes between the poorer and wealthier ends of society.
>That suggests spending would be the equivalent of £8billion a year higher by the mid-2070s.
>Maintaining the cost of the state pension at around the current proportion of GDP would then require withholding the payments until people reach 80, rather than 74 as previously mooted.
>The grim calculations emerged as a union threatened to take to the streets if the government tries to increase the official retirement age more quickly.
>The Rail, Maritime and Transport union lashed out after a government review was launched this week - although it is not expected to report until the end of the decade.
>Speculation is mounting about the sustainability of the pensions triple lock, which means the state's old-age payouts rise by whichever is highest out of rates of inflation, earnings or 2.5 per cent every year.
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