Taking pension early age to be raised to 57 in 2028

[baldrick]

I saw this today. It refers to private pensions, but I'm guessing it will mean company pensions too.
https://www.yourmoney.com/retirement/mi ... 7-in-2028/" onclick="window.open(this.href);return false;

[RobertT]

Yes, it will apply to all private and company pensions.
So anyone born on 6th April 1973 or afterwards, will have to wait another 2 years to access their's.

The rise to 57 in 2028 is in line with the state pension age increasing to 67 between 2026-2028.
From then on, the earliest age private and company pensions can be accessed will be 10 years before state pension age. Unless it's on medical grounds.

The original timeline for the increase of the state pension age to 68 was between 2044-2046, but it's been proposed that be brought forward to between 2037-2039. Although there is a review due to take place by 2023 which could change things again.

[NorthernBoy]

State pension heading to 70 in my opinion, it’s a case of when will it happen. Anyone in their 30s now should be planning on 70 as their likely state pension age.

“Early Retirement” at the moment is generally seen to be 55, in the future this will be more likely be 60-65.

The boomers have never had in so good and it’s not getting any better for the working population. Times change.

[RobertT]

I would hope the changes from 67 to 68 won't be brought forward by any more than is proposed, although that's me being selfish as I'll hit 67 in 2035.
I wouldn't be surprised to see state pension age increase to 69 in the 2040's and to 70 in the 2050's, which will indeed affect those currently in their 40's and 30's respectively.

Personally I consider myself lucky to have a decent amount of DB pension under my belt, but with their demise(particularly final salary) over the last 20 years, it's increasingly important the individual takes control of their own pension provision from as early an age as possible, unless they want to work until they drop.

But with DC pensions being the poor relation, added to the increased costs of housing, etc many currently in their 30's or younger in particular, may not have much choice.

CDC anyone?

[heapsy]

I agree. 70 looks likely. Then again, what government would have the bottle to say they were not going to throw benefits at people who don't save enough? THAT will never happen. Sadly, this will just increase the age we get any pension or other age related payments. A vicious circle.

[mr hil.]

I was hoping that the pension age would be reduced to help offset the huge rise that is coming in the unemployed due to coronavirus. If they dropped the age again there could possibly be more job opportunities for the young. The increase in expenditure for the government would be compensated by fewer claimants for universal credit etc.

[heapsy]

I was hoping that the pension age would be reduced to help offset the huge rise that is coming in the unemployed due to coronavirus. If they dropped the age again there could possibly be more job opportunities for the young. The increase in expenditure for the government would be compensated by fewer claimants for universal credit etc.

That would just be too easy. The government would then be forced to make sure they fixed the pensions crisis. As it stands they are just dangling a carrot on the end of an ever increasingly long stick. You are right though. I honestly believe there will be a massive number out of work in the future. Those who don't do physically demanding jobs will just carry on because their pension isn't enough. So nobody will vacate those jobs. All those people who were conned into going to university will find themselves working for s**t money with s**t pensions and unable to buy their own homes. So they will also be locked into renting which means they can't afford to retire. Compulsory retirement is the only way to fix things.