NFU Mutual says time on the side of pensions calculator users

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NFU Mutual says time on the side of pensions calculator users

Thu 21st Oct 2010

A representative from NFU Mutual has reassured Brits that they have plenty of time to prepare for the upcoming change in the state retirement age.

Shelagh Hamer, pension expert at the organisation, explained that the threshold will not be raised to 66 until 2020, so anyone affected by the amendment can alter their provision over the next decade to ensure it does not affect their retirement plans.

She also highlighted how private pensions can be drawn from the age of 55 and do not stop people from drawing their state allowance when they reach 66.

"This rise in the state retirement age makes private pensions all the more important for people who want to enjoy a longer retirement," Ms Hamer added.

Pensions commentator Dr Ros Altmann suggested women are receiving unfair treatment as a result of the age change, since the men's threshold is only going up one year from 65 to 66, while the women's amendment is from 60 to 66.

In her view, this is too rapid.

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