...to rise faster than initially planned
Though rhis isn't a surprise to me.
http://digitaleditions.telegraph.co..../3/article/NaN
POLITICS
Pension age move to 68 could disrupt retirement plans
BEN RILEY-SMITHPolitical EditorSZU PING CHAN
THE pension age is to rise to 68 years even earlier than planned, under Government proposals.
The age at which Britons qualify for their state pension is due to increase to 67 by 2028 and then 68 by 2039, but ministers want to bring the latter rise forward to the mid-2030s.
It would mean people who are in their mid-50s now will have to wait an extra year before drawing their pension, potentially disrupting retirement plans. However, the move will raise tens of billions of pounds for Treasury coffers and has been described as a “big bazooka” as officials look to secure the country’s long-term finances.
It paves the way for people starting work today to have their retirement delayed until they are in their 70s.
Supporters argue it would be justified to boost inter-generational fairness, given how much life expectancy in the past decade has risen, while also helping to fund higher public spending.
Critics are likely to question whether the move will cause disruption to those already planning for retirement and raises the risk of an elderly voter backlash.
There is growing interest in Whitehall in automatically linking changes in the pension age to life expectancy, with a belief that it could help depoliticise the issue. The concept has been explored by ministers and officials and could see a link pinned on people spending around a third of their lives retired.
Though rhis isn't a surprise to me.
http://digitaleditions.telegraph.co..../3/article/NaN
POLITICS
Pension age move to 68 could disrupt retirement plans
BEN RILEY-SMITHPolitical EditorSZU PING CHAN
THE pension age is to rise to 68 years even earlier than planned, under Government proposals.
The age at which Britons qualify for their state pension is due to increase to 67 by 2028 and then 68 by 2039, but ministers want to bring the latter rise forward to the mid-2030s.
It would mean people who are in their mid-50s now will have to wait an extra year before drawing their pension, potentially disrupting retirement plans. However, the move will raise tens of billions of pounds for Treasury coffers and has been described as a “big bazooka” as officials look to secure the country’s long-term finances.
It paves the way for people starting work today to have their retirement delayed until they are in their 70s.
Supporters argue it would be justified to boost inter-generational fairness, given how much life expectancy in the past decade has risen, while also helping to fund higher public spending.
Critics are likely to question whether the move will cause disruption to those already planning for retirement and raises the risk of an elderly voter backlash.
There is growing interest in Whitehall in automatically linking changes in the pension age to life expectancy, with a belief that it could help depoliticise the issue. The concept has been explored by ministers and officials and could see a link pinned on people spending around a third of their lives retired.
Comment