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UK should increase state retirement even further – OECD

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  • UK should increase state retirement even further – OECD

UK - The Organisation for Economic Co-operation and Development (OECD) has called on the UK government to increase the state retirement age even further than currently planned.

Last November, the government confirmed that the increase in the state pension age to 66 years would be brought forward to 2020.

But the OECD said in its latest UK economic survey that a "further increase of the effective retirement age should be sought" to deal with rising pension costs.

Increasing the state pension age further, it said, would be one means of achieving this.

It added: "Given the political costs related to discretionary changes in the pension age across OECD countries, an automatic adjustment in line with longevity should also be considered."

Elsewhere in the report, the OECD said the UK would to well to prioritise limiting the leverage that "aggravated the impact" of the financial crisis.

It said financial authorities also needed to minimise "regulatory arbitrage" by ensuring consistent regulation of non-bank financial institutions - including pension funds.

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