State pension age rise brought forward

[RobertT]

http://www.bbc.co.uk/news/business-40658774" onclick="window.open(this.href);return false;

Six million men and women will have to wait a year longer than they expected to get their state pension, the government has announced.
The rise in the pension age to 68 will now be phased in between 2037 and 2039, rather than from 2044 as was originally proposed.
Those affected are currently between the ages of 39 and 47.
The announcement was made in the Commons by the Secretary of State for Work and Pensions, David Gauke.
He said the government had decided to accept the recommendations of the Cridland report, which proposed the change.

"As life expectancy continues to rise and the number of people in receipt of state pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations," he told MPs.
State pension age could be raised to 70
Anyone younger than 39 will have to wait for future announcements to learn what their precise pension age will be.

'Cocktail of ill health'

The change will affect those born between 6 April 1970 and 5 April 1978.
The government said the new rules would save the taxpayer £74bn by 2045/46. While it had been due to spend 6.5% of GDP on the state pension by 2039/40, this change will reduce that figure to 6.1% of GDP.
Labour said the move was "astonishing", given recent reports suggesting increases in life expectancy were beginning to stall, and long-standing health inequalities between different income groups and regions in retirement.

Shadow work and pensions secretary Debbie Abrahams told MPs that many men and women were beginning to suffer ill health in the early 60s, well before they were entitled to their state pension.
"Most pensioners will now spend their retirement battling a toxic cocktail of ill-health," she said.
"The government talks about making Britain fairer but their pensions policy, whether it is the injustice that 1950s-born women are facing, or today's proposals, is anything but fair."

Age UK was also critical of the change.
"In bringing forward a rise in the state pension age by seven years, the government is picking the pockets of everyone in their late forties and younger, despite there being no objective case in Age UK's view to support it at this point in time," said Caroline Abrahams, charity director at Age UK.
"Indeed, it is astonishing that this is being announced the day after new authoritative research suggested that the long term improvement in life expectancy is stalling."

Pensions Commission

The government has also committed to regular reviews of the state pension age in the years ahead.
That raises the prospect of further rises. Indeed a report by the government's actuary department in March suggested that workers now under the age of 30 may have to wait until 70 before they qualify for a state pension.

Tom McPhail, head of policy at Hargreaves Lansdown, said the government would need to do more to encourage saving, particularly amongst younger people.
"For anyone yet to reach age 47, there is still time to adjust their retirement plans by looking to contribute more," he said.
"We feel it is important the government meets them halfway; we need a national savings strategy to help people save and invest for their future. A good starting point would be for the government to look at a savings commission."

The SNP said it remained opposed to raising the pension age beyond 66 and reiterated its call for an independent pensions commission to be set up to look at "demographic differences across the UK".
In response, Mr Gauke said the Scottish government would have the power to provide extra financial help for those approaching retirement if they so chose.

I'm not sure if it's been updated yet, but you can check your state pension age here: https://www.gov.uk/state-pension-age" onclick="window.open(this.href);return false;

[Phantom]

Absolute disgrace - It takes a special kind of twat to vote conservative!!!

[FAB]

And while you get your bus pass at 60 in Scotland, Wales & N Ireland in England its the current female pension age which for me is 66! So we lose out on that as well..

[FAB]

And while you get your bus pass at 60 in Scotland, Wales & N Ireland in England its the current female pension age which for me is 66! So we lose out on that as well..

[cloherty1976]

Absolute disgrace - It takes a special kind of twat to vote conservative!!!

In the next 20 years we will get a labour government so they will change it all back?

[mark.cup]

Imagine doing a delivery with double lapsing the day before your 68th birthday

[heapsy]

Imagine doing a delivery with double lapsing the day before your 68th birthday

Yep, and sadly that will be the case for some.

[SW17]

Another reason to fight for a fair and decent work pension, as there may not be a state pension by the time we get there

[baldrick]

Absolute disgrace - It takes a special kind of twat to vote conservative!!!

In the next 20 years we will get a labour government so they will change it all back?

It depends on when we get a Labour Government. In June's GE Corbyn's manifesto commitment was to keep the State RP age at the current 66.
If the Conservatives remain in power and implement their planned age rises it would be difficult to reverse them. The Conservatives are already saying people in their 20s and 30s will probably have to work to 70.

[mark.cup]

While the politicians all swan off after a few years living the high life.

Basically this country needs to grow some balls... we lose are pensions yet they continue to build up insane benefits that the rest of us real workers have to prop up until we drop! preferably at work for them so it's a win win as then we never get back a penny for 40 plus years of work