Work until you're 75 - or even 81 - under Government review of state pension age
Possible age hike comes as minister hints at pensions tax raid on middle-class savers
Millions of people could be forced to work until they are 75, the Government has hinted as details of a review into the state pension age were published.
Ministers have announced a radical review of the pensions regime amid concerns that he current system is not "affordable in the long-term".
The review will be chaired by Sir John Cridland, the former head of the Low Pay Commission, and will assess whether the current pensions system is "affordable in the long-term".
Those under the age of about 55 could be affected by the shake-up, which will consider what the state retirement age should be from April 2028. The results will be published next May.
The current state pension age is 65 for men and 60 for women, and is due to rise for both to 66 by 2020. It is due to increase to 67 between 2026 and 2028, and will be linked to life expectancy afterwards.
The Office for Budget Responsibility, the financial watchdog, has forecast that the pension age will have to rise to 69 by the late 2040s before increasing again to 70 by the early 2060s.
And Royal London, the pensions provider, has just published research suggesting that today's workers will need to retire as late as 81 to enjoy the same standard of living enjoyed by their parents. The findings raise the prospect of some people having to "work until they drop" to sustain their current lifestyles.
http://www.telegraph.co.uk/news/politics/georgeosborne/12179375/Work-until-youre-75-or-even-81-under-Government-review-of-state-pension-age.html
Just when you thought they'd had enough of ripping people off eh. The government would sooner you worked until you dropped, at least that way they'll never have to pay you a penny. I have to say I'd be very surprised if they only affected middle class people (what is a middle class persson anyway?) The Tories are so used to raiding those with the least I wouldn't be surprised if they came up with a staged retirement based upon your earnings
Minimum wage earners - retirement at 100 or until you're dead
Those on ?10 an hour - retirement age 90
on ?15 an hour - retirement at 80
on ?20 an hour - retirement at 75
on ?25 an hour - retirement at 70
on ?30 an hour - retirement at 65
on ?50 an hour - retirement at 60
MP's and those at the top of the pile who don't pay tax because they can pay to avoid it - 45
That'lls ave paying the drone masses any pension at all.
Possible age hike comes as minister hints at pensions tax raid on middle-class savers
Millions of people could be forced to work until they are 75, the Government has hinted as details of a review into the state pension age were published.
Ministers have announced a radical review of the pensions regime amid concerns that he current system is not "affordable in the long-term".
The review will be chaired by Sir John Cridland, the former head of the Low Pay Commission, and will assess whether the current pensions system is "affordable in the long-term".
Those under the age of about 55 could be affected by the shake-up, which will consider what the state retirement age should be from April 2028. The results will be published next May.
The current state pension age is 65 for men and 60 for women, and is due to rise for both to 66 by 2020. It is due to increase to 67 between 2026 and 2028, and will be linked to life expectancy afterwards.
The Office for Budget Responsibility, the financial watchdog, has forecast that the pension age will have to rise to 69 by the late 2040s before increasing again to 70 by the early 2060s.
And Royal London, the pensions provider, has just published research suggesting that today's workers will need to retire as late as 81 to enjoy the same standard of living enjoyed by their parents. The findings raise the prospect of some people having to "work until they drop" to sustain their current lifestyles.
http://www.telegraph.co.uk/news/politics/georgeosborne/12179375/Work-until-youre-75-or-even-81-under-Government-review-of-state-pension-age.html
Just when you thought they'd had enough of ripping people off eh. The government would sooner you worked until you dropped, at least that way they'll never have to pay you a penny. I have to say I'd be very surprised if they only affected middle class people (what is a middle class persson anyway?) The Tories are so used to raiding those with the least I wouldn't be surprised if they came up with a staged retirement based upon your earnings
Minimum wage earners - retirement at 100 or until you're dead
Those on ?10 an hour - retirement age 90
on ?15 an hour - retirement at 80
on ?20 an hour - retirement at 75
on ?25 an hour - retirement at 70
on ?30 an hour - retirement at 65
on ?50 an hour - retirement at 60
MP's and those at the top of the pile who don't pay tax because they can pay to avoid it - 45
That'lls ave paying the drone masses any pension at all.
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