Brexit migration cuts could push state pension age up.
If it's not bad enough to be told pensioners are having a wild time living off the backs of the rest of us, we're now told we'll need to work longer to support them loafers.
source: Brexit migration cuts could push state pension age up
If it's not bad enough to be told pensioners are having a wild time living off the backs of the rest of us, we're now told we'll need to work longer to support them loafers.
Britons may have to work longer if immigration is cut in the wake of Brexit, according to a warning from the Government’s pension adviser.
John Cridland, a former CBI director reviewing the state pension age for the Government, said the “Brexit Factor” had made the future of the state pension uncertain.
The Government’s decision on pension changes, due in May, will be informed by Mr Cridland’s report to be published one month earlier.
New calculations reveal a “hard Brexit” in which migration is greatly reduced, could push up retirement ages, potentially forcing people to work well into their mid-70s.
Mr Cridland’s forthcoming report will be based on the latest Office for Budget Responsibility forecasts, which do not take Brexit into account, meaning it could quickly become outdated.
However, he told an audience at an International Longevity Centre conference that the future ratio of pensioners to working age people – a major factor affecting the cost of the state pension – was now “unpredictable” due to three factors: life expectancy, fertility and post-Brexit migration policies.
Projections calculated by actuaries at Hymans Robertson show a “hard Brexit” could result in the state pension age needing to be raised by 18 months for people currently under 40.
John Cridland, a former CBI director reviewing the state pension age for the Government, said the “Brexit Factor” had made the future of the state pension uncertain.
The Government’s decision on pension changes, due in May, will be informed by Mr Cridland’s report to be published one month earlier.
New calculations reveal a “hard Brexit” in which migration is greatly reduced, could push up retirement ages, potentially forcing people to work well into their mid-70s.
Mr Cridland’s forthcoming report will be based on the latest Office for Budget Responsibility forecasts, which do not take Brexit into account, meaning it could quickly become outdated.
However, he told an audience at an International Longevity Centre conference that the future ratio of pensioners to working age people – a major factor affecting the cost of the state pension – was now “unpredictable” due to three factors: life expectancy, fertility and post-Brexit migration policies.
Projections calculated by actuaries at Hymans Robertson show a “hard Brexit” could result in the state pension age needing to be raised by 18 months for people currently under 40.
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