Sunday, 22 October, 2017

Under 45? You will now have to work longer before you retire

Work and Pensions Secretary David Gauke accelerated by seven years the lift in the state pension age to 68 Work and Pensions Secretary David Gauke accelerated by seven years the lift in the state pension age to 68
Nicole Thomas | 20 July, 2017, 05:13

The Department for Works and Pensions (DWP) said the state pension age is regularly reviewed to make sure that the pension system is affordable and fair.

The UK will raise the age at which citizens can claim the state pension to 68, earlier than planned, as the government grapples with the mounting costs of an aging population.

The state pension is already set to go up in stages, with a rise to 67 expected by 2028.

Everyone born between 6 April 1970 and 5 April 1978 will be affected by the changes.

This timetable would save the equivalent of around £400 per household as it would reduce the rise in pensions by 0.4% of GDP between 2039 and 2040.

"To put it simply, people are living a lot longer but the age at which they receive the state pension has barely moved in over a century".

The next stage of the rise was not due to happen until 2044, but has been brought forward a number of years as demands on pensions grow. "The clear message is that anyone who wants more choice over how and when they retire can't rely exclusively on a state pension and should be reviewing their workplace or private pension provision".

In 2015 average life expectancy in Britain was 79.6 years for men and 83.1 years for women, according to the Office for National Statistics.

Facts and figures for the British Open
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"Indeed, most pensioners will now face what has been described as a 'toxic cocktail" of ill health throughout their whole retirement.

"We can not allow this Government to push people to work longer and longer to pay for its failed austerity agenda". Keeping the State Pension age at 66 would cost over £250 billion more than the government's preferred timetable by 2045/46.

"So on the one hand they are maintaining state pension increases for today's retirees, while at the same time telling people age 47 and under that they will have to work longer before receiving their state pension".

Under the triple lock, the state pension increases every year by the rate of inflation, wage growth, or 2.5 percent, whichever is greatest. However, the move was not in the Conservative general election manifesto last month.

In 1948, life expectancy for a 65 year old male was 12 years, and in 2014 it was 21.3 years.

However, the government has said it will not legislate for the increase before the 2023 review, pushing the onus onto the next government. The proposed increases are really an example of the state pension age playing catch up with life expectancy. Individuals who can work flexibly in later life can achieve higher lifetime incomes, can boost overall economic activity, and could have more money to spend in their advanced older age.

"I think it's right that we are honest with the British people, that we deal with some of the long term risks we have as a country", he later told BBC News. The government has said it will monitor the results of these efforts to encourage employers to better accommodate older workers, including allowing them to move from more to less physical work.

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