Retirement age 'will be 65 soon'

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Retirement age 'will be 65 soon'

The retirement age will soon be pushed up to 65, but even this is not sustainable, an industry insider has suggested.

Robin Ellison, consultant on the pensions law team at Pinsent Masons, pointed out that life expectancy is creeping towards 90, which means that pensions will have to pay out for 25 years if the age at which people retire is not lifted again.

This is something that no pension planner had predicted, so the retirement age will have to be raised again if both state and private pensions can be paid, claimed Mr Ellison.

He explained: "When state pensions were first introduced into Britain 100 years ago, the retirement age was 70 when life expectancy was about 73."

Mr Ellison stated that everyone in the pensions industry knows that the age at which people should stop working in the future should be 75.

This week, Olivier Blanchard, chief economist at the IMF, recommended that governments re-examine their retirement systems because they are currently not fiscally sound.

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