Raising the pension age

Hobbit

Hobbit

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The suggestion today from an advisory body, Centre for Social Justice, for the government has suggested that the pension age rises to 75 based on people living longer and the UK not being able to pay state pensions.

The 5th wealthiest nation in the world can't pay pensions?!? Its paying out about £7k?? Germany and France are paying around £24k.

As for people living longer, oh my bl00dy sides are killing me. In the northeast of England the average life expectancy is between 75.7 and 81, depending on where you live. And the chances of reaching retirement age healthy are exceptionally poor. The average age of a man before he struggles with health in the north east is 61 at best.

I agree the pension age issue and funding needs a serious look at but I'd argue it needs to go down, not up.
 
There would be riots in the streets
If this was a serious suggestion.

I’d even burn Imurgs mankini in protest, possibly when he wasn’t wearing it.

It’s one of those things they occasionally throw out and quickly retract when the reactions start👍
 
On a serious note we all might be living longer but there are an awful lot of people who are not fit enough to work at that older age.

Also does it not mean there will be far fewer jobs for youngsters leaving school etc
 
Crazy, stupid, badly thought out idea. It probably sounds great whilst sat in a Westminster office, living in a very comfortable bubble, but it truly is both mad and cruel. I hope it is quickly binned.
 
SocketRocket said:
I think I read recently that life expectancy had stalled.
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Just tried to find the article I was reading earlier. In every area of the northeast bar one, the life expectancy has actually dropped in the last 5 years. Unsurprisingly, the age of good health has tracked it downwards too.
 
As usual, this won't effect those who are financially protected now only those of working class level who would struggle to be able to retire.
Disgusting idea, but one that would see a huge increase in sick pay levels for the older workers.
 
Not that I disagree with the sentiment of the op, but we are the 26th richest country per capita. This idea that we are one of the richest countries around is old money. Increasing population by millions might prop up gross gdp, but it doesn't make us any richer in any sort of useful way.
 
When I started my one man company in 2002 I approached a number of companies about setting up a company pension plan for all the staff (i.e. me). Every single company we approached, and without any prompting, gave quotes for pensions that didn't mature until I turned 75. It was very clear all the those years ago that the pension age is going up radically and the pension industry has been planning for it for years.
 
Beedee said:
When I started my one man company in 2002 I approached a number of companies about setting up a company pension plan for all the staff (i.e. me). Every single company we approached, and without any prompting, gave quotes for pensions that didn't mature until I turned 75. It was very clear all the those years ago that the pension age is going up radically and the pension industry has been planning for it for years.
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If you have a private pension you have to start drawing it at 75, you can’t defer it any longer, this is why you got a 75 quote. It’s got nothing to do with the pension industry , it’s the law.
 
PhilTheFragger said:
If you have a private pension you have to start drawing it at 75, you can’t defer it any longer, this is why you got a 75 quote. It’s got nothing to do with the pension industry , it’s the law.
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Every day's a school day. I never knew that. I never considered for a second deferring things that long.

I'll happily accept that it's the law. However I still don't believe that the industry hasn't been working on the assumption of a retirement age of 75 for a long time.
 
Beedee said:
Every day's a school day. I never knew that. I never considered for a second deferring things that long.

I'll happily accept that it's the law. However I still don't believe that the industry hasn't been working on the assumption of a retirement age of 75 for a long time.
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I can assure you that the industry has not been working on such an assumption.

There would be no need as "private " pension benefits do not need to be taken at State Retirement Age.

As for the OP the point is that as a nation we are hung up on the idea of a SRA of 65 for men which was originally introduced when life expectancy was less than 70.

It has subsequently been increased but not to a level that reflects the increase in life expectancy over the intervening 70 odd years.
 
My daughter [in her late 40's] said they used to call her age group Generation X but now they call it Generation F~~~~d. :eek:
Mind you they keep saying that the UK has the lowest pensions in Europe. Now it appears we will also have the highest entry rate.
I am certain all that will change once we get our country back.:(
 
Doon frae Troon said:
My daughter [in her late 40's] said they used to call her age group Generation X but now they call it Generation F~~~~d. :eek:
Mind you they keep saying that the UK has the lowest pensions in Europe. Now it appears we will also have the highest entry rate.
I am certain all that will change once we get our country back.:(
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You have already got your country back. What are the Scottish government doing about it, they must be ashamed at the low life expectancy in Scotland verses the rest of the UK.
 
I've always found it mildly amusing that the female equality brigade led by Harriet Harperson have absolutely no problem with women being entitled to pensions at a lower age than men.
 
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