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30/11/2005
Pension age could rise to 68
The state pension age could increase to 68, under new proposals put forward in the government’s review of pensions.
The review, led by Lord Turner, recommended a gradual rise in the state pension qualifying age to 68 by 2050, as well as a rise in payments linked to earnings, rather than prices.
A new national pension saving scheme was also proposed, in which individuals would contribute 4% of after-tax earnings, their employers 3% and the government 1% through tax relief or credit.
The review also recommended that future entitlement to the basic state pension should be based on residency, not contributions, which would make the scheme fairer, particularly for women.
Lord Turner said: “It is wrong to talk about a crisis of pensioner income today, but the problems in the UK’s pension system will grow increasingly worse unless a new pensions settlement for the 21st century is now debated, agreed and put in place.
“That settlement needs to deal with the challenge of the changing demographics. People are living longer: together with the retirement of the baby boom generation this will put the pensions system under significant strain. People are not saving enough for retirement, the state and employers are planning to play a decreasing role in pension provision for the average earner, and the current system will deliver increasingly inadequate and unequal pensions. There are no easy answers. But an integrated set of policies can ensure that increasing life expectancy becomes not a problem but an opportunity for everyone."
(KMcA/GB)
The review, led by Lord Turner, recommended a gradual rise in the state pension qualifying age to 68 by 2050, as well as a rise in payments linked to earnings, rather than prices.
A new national pension saving scheme was also proposed, in which individuals would contribute 4% of after-tax earnings, their employers 3% and the government 1% through tax relief or credit.
The review also recommended that future entitlement to the basic state pension should be based on residency, not contributions, which would make the scheme fairer, particularly for women.
Lord Turner said: “It is wrong to talk about a crisis of pensioner income today, but the problems in the UK’s pension system will grow increasingly worse unless a new pensions settlement for the 21st century is now debated, agreed and put in place.
“That settlement needs to deal with the challenge of the changing demographics. People are living longer: together with the retirement of the baby boom generation this will put the pensions system under significant strain. People are not saving enough for retirement, the state and employers are planning to play a decreasing role in pension provision for the average earner, and the current system will deliver increasingly inadequate and unequal pensions. There are no easy answers. But an integrated set of policies can ensure that increasing life expectancy becomes not a problem but an opportunity for everyone."
(KMcA/GB)
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20 June 2005
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Pensions coalition calls for ‘fair deal’
A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
25 July 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.
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.
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.
01 October 2012
Pensions Reform Comes Into Effect
The UK workplace pensions reform is well under way, with automatic enrolment into a workplace pension beginning today. The goal of the new legislation us to ensure low and middle earners are provided with an addition to the state pension.
Pensions Reform Comes Into Effect
The UK workplace pensions reform is well under way, with automatic enrolment into a workplace pension beginning today. The goal of the new legislation us to ensure low and middle earners are provided with an addition to the state pension.
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