"Not fair" for retirement age to change overnight

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"Not fair" for retirement age to change overnight

Wed 7th Oct 2009

It would not be fair of the government to change the retirement age overnight, because many people have planned when they want to work to, an industry expert has suggested.

Robin Ellison, a pensions law consultant at Pinsent Masons, made his comments following a statement from chief economist at the International Monetary Fund Olivier Blanchard, who indicated that the structure of pensions as things stand is not fiscally sustainable for governments.

Mr Ellison noted that many people will have already organised their lives around the date that they are going to retire, so to alter that all of a sudden would be very hard for those approaching retirement.

He explained: "You'd have to really re-organise your life if you thought you weren't going to be able to go until 70 or 75, it's not really fair to people like that."

In his view, it is not feasible for a government to alter the retirement age quickly in order to bring down the national debt.

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