Ministers WILL raise retirement age to 74 - shock Treasury prediction

Current affairs, gossip and general conversation

Ministers WILL raise retirement age to 74 - shock Treasury prediction

Postby dutchman » Sat Feb 04, 2017 12:13 am

Britons in their 20s face decades of hard work ahead of them as the Treasury predicts the retirement age will rise by 10 years to 74 as the cost of living longer spirals out of control.

Image

Millennials are bracing themselves against the prospect of finally kicking the nine-to-five when they are in the mid-seventies as people continue to live longer, healthier lives.

The Treasury predicted the retirement age will rise by nearly a decade in the 2060s to cover the cost of an ageing population.

It estimates the number of Brits celebrating their 100th birthday will top a million by that time, a massive spike from the 15,000 which currently reach the milestone.

The state pension age, which is currently 65 for men and increasing from 60 to 65 for women, is set to rise steadily over the years.

The Government plan to raise it to 66 for both sexes, and then to 67 in 2028 and 68 in 2046.

And government papers show civil servants envisage this rising to 69 in “the early 2050s”.

But a bombshell was dropped by the Office for Budget Responsibility (OBR), responsible for creating official spending and economic forecasts for Chancellor Philip Hammond, when it outlined raising the age higher than ever before.

The OBR says by 2063 that anyone born after 1989, in certain scenarios, can expect to be in work until they are 74.

“The old age experiences of today’s younger workers are likely to be unrecognisable from those of their parents and grandparents.”

The move was criticised by former Tory Minister Baroness Ros Altmann, who urged the Government to come up with different ways to manage pensions and the ageing UK population.

She said: “The Government must find better ways to manage pension costs than just constantly making people wait longer.

“At the moment the Government plans to increase state pension age as average life expectancy rises.

“But this completely ignores the fact that there are huge variations in life expectancy across the country and many people will die much younger than average.”

Two reports, one a Government-backed review by former CBI boss John Cridland and a separate report by the Government Actuarial Department are both due in May.

The Department of Work and Pensions said: “No decision has been made on future changes to current timetables.”

Image


People are not leading "longer, healthier lives". The numbers of people over 60 claiming sickness and disability benefits is rising exponentially.
User avatar
dutchman
Site Admin
 
Posts: 50286
Joined: Fri Oct 23, 2009 1:24 am
Location: Spon End

Re: Ministers WILL raise retirement age to 74 - shock Treasury prediction

Postby rebbonk » Sat Feb 04, 2017 9:53 am

Far too many still do not make it to retirement age.

The state pension scheme is one great Ponzi con, that if you or I tried to start up would end up with us being prosecuted. :stir:
Of course it'll fit; you just need a bigger hammer.
User avatar
rebbonk
 
Posts: 65568
Joined: Thu Nov 12, 2009 7:01 am

Re: Ministers WILL raise retirement age to 74 - shock Treasury prediction

Postby Melisandre » Sat Feb 04, 2017 2:42 pm

I recall in the news when people were complaining about disabled toilets in public and shop buildings not being apt for the disabled its was said by authorities they must alter them and if they have a problem with this then bare in mind over half of the UK popultion will become disabled in the near future.
Perhaps this is one reason it also includes Autisium on another link.
This is from the Freedom of information act.
https://www.google.co.uk/amp/s/childhea ... oid-om-lge
User avatar
Melisandre
 
Posts: 14096
Joined: Fri Oct 16, 2015 8:52 am

Re: Ministers WILL raise retirement age to 74 - shock Treasury prediction

Postby dutchman » Thu May 11, 2017 4:09 pm

UK government breaks legal deadline to reveal state pension age increases

The Government has broken a legal deadline to announce any changes to the state pension age, leaving millions of voters in the dark about their future pension pots.

Following a year-long independent review by John Cridland, former director-general of the Confederation of British Industry, and a second independent report from the Government Actuary's Department, Theresa May’s government was expected to inform Parliament of its plans.

The Government was legally mandated to review the state pension age – currently 65 for men and women – by 7 May, as set out in the 2014 Pensions Act.

Two days after the deadline, the Government has failed to announce its plans, leaving millions of voters in the dark when it comes to their future pension pots.

“Very convenient but unfortunately not very surprising,” tweeted sitting SNP MP Mhairi Black.

“This kind of thing is the exact reason we need MPs who will fight the Tories.”

Financial journalist Paul Lewis found in his Twitter poll that 95 per cent of 8511 respondents said the government should “obey the law and publish the state pension age plans now”, rather than wait until after 8 June.

“There are clear pre-election period rules that restrict the making of new, long-term decisions," a spokesman for the Department for Work and Pensions told The Independent.

“Future state pension age policy will be a matter for the new Government to decide.”

Image
User avatar
dutchman
Site Admin
 
Posts: 50286
Joined: Fri Oct 23, 2009 1:24 am
Location: Spon End


Return to General Discussion

Who is online

Users browsing this forum: No registered users and 5 guests

  • Ads