People want to choose their own pension age

28 April 2014

Age is more than just a number. Some people can keep cracking on until their eighties, while others feel like the Grim Reaper starts stalking them when they turn 40.

And a survey by PwC has revealed that older people are sick of the ‘one size fits all’ pension age. Instead we'd wholeheartedly prefer a more flexible ‘state pension window’, which would allow you to choose which age you’d like to knock off work and start your new career of complaining about dog poo and power hosing your patio.

The idea of this ‘window’ would mean that you can select when your pension should start, and will receive an adjusted amount depending on when you would like to retire. Analysts PwC, who asked 2000 people their views on pensions, argue that it’s actually a really great idea, and would fit in well with recent government reforms that aim to give people more pension flexibility.

Half of the people surveyed said they were happy to take a pension cut of up to £450 a year if it meant they could sack the dismal misery of going to work every day a few years earlier. Many people said that they were keen to ‘spend more time with their families’, (ie: watch more daytime TV) and said that their jobs were ‘too demanding’ (ie: not as much fun as watching back-to-back Poirot).

Raj Mody from PwC said: ‘We need to create a state pensions system which is fairer, more stable and sustainable in the long term. Scrapping the state pension age and replacing it with a state pension window will produce better outcomes for people, companies and the Government.’

But with the pension age being ramped up to 66 by 2020, are the government actually going to listen?

TOPICS:   Banking   Consumer Advice   Government   UK News

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