Work 'til you are 75, hints Government
Ministers have said that they're undertaking a review, because the current system is not "affordable in the long-term". Not great news if your death has been predicted by a mystic, to come at the age of 74, eh?
So, if you're under the age of 55, it looks like you'll be the most likely to be affected by any changes. The current age for a state pension is 65 for men, and 60 for women. Both are set to rise to 66 by 2020, then rise again to 67 between 2026 and 2028.
The Office for Budget Responsibility reckon that it'll rise to 69 by the late 2040s, and increase to 70 by the early 2060s.
It is gloomier than that in some quarters. Pension provider Royal London has just published their thoughts, after doing some research, which suggests that people working today will not get to retire until they're 81, if they want to enjoy the same standard of living as their parents have had.
The review will also consider ending "universal" state pension age, so instead of everyone retiring at the same age, different jobs will be taken in as a factor. For example, some manual workers might get to claim their pension earlier than someone who has worked in an office for the whole career.
There's also the news that the Chancellor is considering a pension raid. There's a lot of chatter about people having to work 'til they drop, which is a sobering thought.
This review will be headed up by Sir John Cridland and the results will be published next May.