Publication type
Report
Authors
Publication date
May 15, 2026
Summary:
We propose replacing the state pension with the Lifespan Fund. Individuals would build credit through work and other recognised activities, draw on it during working life for defined purposes, rebuild it once back in employment, and convert it into a guaranteed pension at retirement. This would be:
1) More flexible – smoothing income through the disruptions that shape modern life – including unemployment, retraining and caring – rather than reserving support for retirement;
2) Fairer – linking retirement age to individual health rather than a one-size-fits-all state-pension age, which penalises those with shorter life expectancies who are often on lower incomes;
3) More affordable – anchoring the lifetime value of state support at the equivalent of 20 years rather than allowing costs to ratchet upwards over time, replacing the triple lock with a smoothed earnings link
Subjects
Link
#589041