|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    19th of March 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Pension News feed Pensions News

All Financial News feed All Financial News

Government to announce state pension age increase

Bookmark and Share

by Kay Mitchell
Government to announce state pension age increase

Work and pensions secretary, Iain Duncan Smith, is expected to announce today that the state pension age will rise to 66 for men – as early as 2016.

Furthermore, the Government is to raise the option of extending it further, perhaps to 70 and beyond in the following decades.

The former Labour Government’s policy was to lift the pension age to 66 in 2024 and then gradually to 68 by 2046.

However, the new coalition Government wants to move faster.

In addition, people will be encouraged to work for longer as the default retirement age is set to be scrapped.

Currently, an employer has the legal right to terminate the employment of a 65-year-old – something which many have been calling on the Government to review.

A recent survey conducted by charity, Age UK, found that two-thirds of people support plans to scrap the default retirement age.

The survey, which questioned more than 1,000 people, found 70% wanted to continue working beyond retirement.

Mr Duncan Smith, quoted in the Telegraph newspaper, said: “People are living longer and healthier lives than ever, and the last thing we want is to lose their skills and experience from the workplace due to an arbitrary age limit.

“If Britain is to have a stable, affordable pension system, people need to work longer, but we will reward their hard work with a decent state pension that will enable them to enjoy quality of life in their retirement,” he added.

Discuss this in the Finance Markets forums

Story link: Government to announce state pension age increase

News posted: June 24, 2010

Financial Services:

Related financial stories to: Government to announce state pension age increase:
Previous: «
Next: »

Visited 4807 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , , , ,