Excite

What a state we're in!

The Government has admitted that millions of workers aged 50 or more will have to delay their retirement by at least two years, having previously announced that from 2020 the retirement age would be raised to 66.

67 could be the norm by 2026, and if life expectancy increases expect the retirement age to follow suit. Steve Webb, pensions minister, complained the planned increases are too slow. 'Everybody knows we are living longer,' he said. 'It is like an express train. I am even more convinced now than I was a year ago that we are running to stand still on all this stuff. In a world [where] you are going to live into your late 80s, and before we know it [into your] 90s, we think now we have got to move on these things.'

He added: 'In a way, successive governments over the decades were so behind the curve behind all this. If you think of male pension age, it hasn't changed for a century. How much has life expectancy improved in a century? So, in a way, what is going on is a big dam that is finally breaking.'

Michelle Mitchell, one of the directors at Age UK said: 'Any increase to the state pension age needs to ensure that people have enough time to plan for the change – Age UK believes that people require at least 10 years' notice.

'We also believe that the process of deciding the state pension age should be informed by independent advisers considering a range of factors.'

United Kingdom - Excite Network Copyright ©1995 - 2019