Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the effect of the decline in UK birth rates on levels of pension spending.

The Office for Budget Responsibility (OBR) is the Government's official forecaster responsible for assessing the UK economic and fiscal outlook. Its annual publication the Fiscal Risks and Sustainability (FRS) report incorporates biennial long-term projections

The OBR has noted that demographic change can affect future spending and revenues, including the pressures that demographic changes create on state pension spending

The Government keeps these issues under review as part of its wider consideration of the public finances. In July 2025, the Government announced the launch of the Third State Pension age review to consider whether the rules around pensionable age are appropriate, based on the latest life expectancy data and other evidence. The review is ongoing.