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25/07/2005
Pension Age 'should rise to 67'
The pension age in the UK should be raised to 67, a report by the Institute for Public Policy Research (IPPR) has suggested.
The report, published on Monday, argued that the age at which people could claim a state pension should be increased to 67 between 2020 and 2030 in order to sustain the UK pensions system and reflect increased life expectancy.
However, the IPPR research found that the public did not trust the government, financial services industry and employers on the subject of pensions and did not accept the fact that life expectancy was increasing.
The IPPR research was based on eight focus groups involving men and women aged between 25 and 55 in London, Birmingham and Brighton. The research found that people expected their health to decline from the age of 70 and view retirement at or before 65 as ‘sacred’.
Many of those involved in the research said that they did not intend to rely on the state pension and planned to retire at 65. They also were reluctant to accept that they should work longer before collecting a state pension and felt that they should be able to choose when and how they retire.
The IPPR said that a clear political consensus was needed on pensions and retirement. The report suggested that a consensus on increasing the basic state pension to the level of the pension credit guarantee and restoring the earnings link would help shift public opinion.
Peter Robinson, IPPR Senior Economist and report author said: "There is a consensus among pension experts that increased life expectancy will make it necessary for us to work longer. Our research shows that the public are not convinced and distrust the evidence from employers, the financial services industry and government, basing their expectations on the experiences of friends and family. This distrust means it is vital that the government achieve its objective of a popular consensus for pension reform.
"Raising the state pension age is vital if the UK pensions system is to remain sustainable and cope with the pressure of an ageing population. One way to build a consensus on increasing the state pension age is to link it with an increase in the basic state pension."
(KMcA/SP)
The report, published on Monday, argued that the age at which people could claim a state pension should be increased to 67 between 2020 and 2030 in order to sustain the UK pensions system and reflect increased life expectancy.
However, the IPPR research found that the public did not trust the government, financial services industry and employers on the subject of pensions and did not accept the fact that life expectancy was increasing.
The IPPR research was based on eight focus groups involving men and women aged between 25 and 55 in London, Birmingham and Brighton. The research found that people expected their health to decline from the age of 70 and view retirement at or before 65 as ‘sacred’.
Many of those involved in the research said that they did not intend to rely on the state pension and planned to retire at 65. They also were reluctant to accept that they should work longer before collecting a state pension and felt that they should be able to choose when and how they retire.
The IPPR said that a clear political consensus was needed on pensions and retirement. The report suggested that a consensus on increasing the basic state pension to the level of the pension credit guarantee and restoring the earnings link would help shift public opinion.
Peter Robinson, IPPR Senior Economist and report author said: "There is a consensus among pension experts that increased life expectancy will make it necessary for us to work longer. Our research shows that the public are not convinced and distrust the evidence from employers, the financial services industry and government, basing their expectations on the experiences of friends and family. This distrust means it is vital that the government achieve its objective of a popular consensus for pension reform.
"Raising the state pension age is vital if the UK pensions system is to remain sustainable and cope with the pressure of an ageing population. One way to build a consensus on increasing the state pension age is to link it with an increase in the basic state pension."
(KMcA/SP)
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25 May 2006
Retirement age to rise to 68
The state pension age is to rise to 68, under new pension proposals announced by the government today. The government's White Paper on pensions reform said that the state pension age will be increased gradually, rising to 66 between 2024 and 2026, then 67 between 2034 and 2036 and finally 68 between 2044 and 2046.
Retirement age to rise to 68
The state pension age is to rise to 68, under new pension proposals announced by the government today. The government's White Paper on pensions reform said that the state pension age will be increased gradually, rising to 66 between 2024 and 2026, then 67 between 2034 and 2036 and finally 68 between 2044 and 2046.
30 November 2005
Mixed reaction to pensions report
Today's Pensions Commission report has been hailed by the government and opposition leaders but fiercely criticised by both businesses and trade unions. The review proposed a gradual rise in the state pension age to 68, as well as the introduction of a national pension saving scheme and a rise in payments linked to earnings, rather than prices.
Mixed reaction to pensions report
Today's Pensions Commission report has been hailed by the government and opposition leaders but fiercely criticised by both businesses and trade unions. The review proposed a gradual rise in the state pension age to 68, as well as the introduction of a national pension saving scheme and a rise in payments linked to earnings, rather than prices.
06 April 2009
Pensioners Benefit From 5% Increase In State Pension
The weekly full basic State Pension will rise by five per cent from £90.70 to £95.25 from today - almost an extra £5 a week. Around 12 million pensioners will benefit from this increase in their State Pension, the biggest percentage increase since 2001.
Pensioners Benefit From 5% Increase In State Pension
The weekly full basic State Pension will rise by five per cent from £90.70 to £95.25 from today - almost an extra £5 a week. Around 12 million pensioners will benefit from this increase in their State Pension, the biggest percentage increase since 2001.
25 January 2010
Calls For Longer Working Life
Employees should be offered greater flexibility if they decide to work past retirement age, a Equality Commission reports has said. Under a raft of proposals, the Commission called for the abolition of the default retirement age.
Calls For Longer Working Life
Employees should be offered greater flexibility if they decide to work past retirement age, a Equality Commission reports has said. Under a raft of proposals, the Commission called for the abolition of the default retirement age.
05 December 2013
State Pension Age To Increase
More people will have to work for longer before being entitled to a state pension, Chancellor George Osborne is to announce. Currently, the state pension age was due to change from 65 to 68 in 2046, however, as part of Mr Osborne's Autumn statement, the date will now be brought forward to the mid-2030s.
State Pension Age To Increase
More people will have to work for longer before being entitled to a state pension, Chancellor George Osborne is to announce. Currently, the state pension age was due to change from 65 to 68 in 2046, however, as part of Mr Osborne's Autumn statement, the date will now be brought forward to the mid-2030s.
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