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Labour peers eye regional variations for state pension age

Labour peers are pushing for variations in the state pension age based on the type of job people have held and where they live.

Speaking at the second reading of the Pensions Bill in the House of Lords last week, Labour members attacked Government moves to increase the pensions age as “one size fits all”.

The state pension age will rise to 67 by 2028 before hitting 68 in the mid-2030s and 69 by the late 2040s. There will also be a statutory review of the pension age at least every six years which will consider whether further increases are necessary.

Labour peer Lord John Monks said: “It seems you have won the jackpot if you are a professional worker in Dorset; if you are a manual worker in one of the old industrial areas, you are in trouble.

“Yet it is ‘one size fits all’, and that one size does not fit some, for whom, in the years after retirement, the forecasts are pretty poor.”

Pensions Advisory Service board member and Labour peer Baroness Patricia Hollis said: “Our single-age retirement policy – one size fits all – is regressive and unfair.”

Hargreaves Lansdown head of pensions research Tom McPhail says: “Variable state pension ages based on occupation or region may make sense in theory but are absolutely unworkable in practice. What’s to stop people moving house or changing jobs?”

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