Retirement age 'to be brought forward by ten years'
www.moneynews.co.uk > Pensions > Retirement age 'to be brought forward by ten years'
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Retirement age 'to be brought forward by ten years'
Mon 12th Sep 2011
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Originally planned to rise in 2036 and then to 68 by 2046 in policies drafted under Labour, the work and pensions secretary Ian Duncan-Smith told the BBC that the current government had always insisted that the existing timescale was too slow.
"People are living longer but they're still retiring at the same age, so the purpose now is to look at that and we're reviewing that to see what might be reasonable," the secretary explained.
The new pensions bill is currently going through parliament, which will raise the age at which people can claim a pension to 66 by 2020.
According to the Telegraph, ministers have confirmed that the retirement age will rise to 67 as soon as 2026 but insist that no formal decision has yet been taken.
Ray Chinn, LV='s head of pensions, said that in many respects the faster-than-planned increase was "inevitable" due to current economic conditions and the growing cost of state pensions.
He added that it served as a reminder for people to make adequate retirement plans as much as possible.
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Related News : Pensions |
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Related News : Pensions calculator |
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Related News : LV= |
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