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Possible further increase in pension age

September 5, 2009 by admin  
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According to recent reports there could be a possible further increase in the state pension retirement age in the UK, which means that people would have to wait even longer before being able to retire and get a state pension.

The UK pensions regulator has stated that one of the reasons for considering extending the state pension retirement age further was the fact that life expectancy was rising, which would mean that consumers would have to wait longer before being able to retire on a state pension.

One official said that many people were also afraid to put money away for their retirement in the , which meant that people would not be savings as much for their retirement as they have done in the past.

Pensions Minister Angela Eagle said that the state retirement age was set to rise to sixty eight, and at present there were no plans to extend the retirement age past that.

The current state retirement pension age is sixty for women and sixty five for men. However, several years ago a report was published by Lord Turner stating that the state pension retirement age for all people needed to be increased to sixty eight by 2050.

However, David Norgrove from the pensions regulator in the UK said that he thought that the pension age would end up being increased.

He said: “People are going to have to work longer, partly because we’re not going, as a nation, to save as much for retirement as we did in the past.”

He added: “The government’s recent legislation is increasing the state retirement age progressively to 68. I think it will end up higher than that.”

Tags: Department for Work and Pensions, current climate, retirement age, pension age, retirement, pensions, uk pensions, finance

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