Thursday, 18 October, 2018

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

GETTYThe state pension age is to rise sooner than previously GETTYThe state pension age is to rise sooner than previously
Preston Stone | 20 July, 2017, 00:30

The government says the changes are necessary given rising life expectancy.

Labour said in its manifesto it would not implement the Cridland proposals, and would instead consult on varying retirement ages.

Existing plans to raise the retirement age to 66 and 67 remained unchanged, he added. The current national insurance system makes no allowance for people who will not live long enough to reach state pension age, or who will die soon afterwards.

The change will affect everyone born between April 6 1970 and April 5 1978.

The Department for Work and Pensions (DWP) said it would save the equivalent of £400 a year per household.

Experts are anticipating further increases to the state pension age for people now in their 30s.

There are widespread concerns that a growing bracket of retirees will put unbearable strain on state pension funds, which are financed in a large part by young, working taxpayers.

The government's proposed timetable reduces this to 6.1 per cent of GDP by 2039 to 2040 - saving each household £400, based on the number of households today, and in total saving £74bn by 2045 to 2046 compared to the now legislated timetable. The new timetable reduces that figure to 6.1%.

In Canada, old-age pensions start paying out when you turn 65.

In response to this announcement, Labour's shadow work and pensions secretary Debbie Abrahams said the opposition party did not support the government's decision.

Tom McPhail, the head of policy at Hargreaves Lansdown, said people will have time to plan.

Shadow Work and Pensions Secretary Debbie Abrahams said: "We can not allow this Government to push people to work longer and longer to pay for its failed austerity agenda".

Mr Gauke told the Commons the move would save the Treasury £74 billion by 2045/46 compared with the previous proposals.

Gauke said the government was "aiming at the proportion of life spent in receipt of state pension to be 32%". The Tories said they would replace it with a double lock in 2020, scrapping the 2.5 percent provision. "It is yet another chapter in the Tory Government's hit on people already struggling due to this Government's austerity-driven agenda".

"The latest research shows that working people in some places will now fall ill ten years before receiving their state pension under the Tories" new plan - and just days ago, evidence emerged showing that increases in life expectancy are stalling. "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".

It's understandable for us to base our expectations of life in retirement on the experiences of the older people we know, particularly our parents and grandparents, but this is likely to give an overly pessimistic impression. Longer living doesn't simply mean extra years lived in infirmity in very old age, it also means tomorrow's middle aged will be healthier and more able and willing to work than their counterparts in the past.

The state pension is now £159.55 a week for those qualified to receive the full amount.

"This is the double bite of austerity - workers are expected to work longer and could now be at risk of dying sooner".

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