Pension Age

To be viable in the long term, the age at which people can claim the state pension clearly needs to rise to keep pace with increases in life expectancy. The fact is that 30 years ago the average person received the state pension for 25% of their life but today that has increased to 33%. The Pensions Policy Institute was simply warning the Work & Pensions Department that people will need time to adjust to any increases by working longer and saving more. It recommended a ten year period of notice but thereafter the age should rise incrementally to 72 by 2030. This is hardly rocket science or unexpected since Gordon Brown had legislated to increase the state pension age for both sexes to 68 by 2046 and the current Government has indicated it would have to rise much faster.

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