Work 'til you are 75, hints Government

2 March 2016

pensioner The government have dropped hints that they're going to be looking at changing the state pension age. Are they lowering it? Of course not. You're going to be working 'til you're 75, mate.

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.

TOPICS:   Banking   Economy


  • jim
    hardly fucking fair is it?
  • **Paul**
    We're all in it together. So obviously us normal folks will be worked until we die, whilst the toffs making these decisions will have retired long ago...
  • Raggedy
    How long before we have corporate cemetaries on business land? Obviously, the government will invent a new tax to finance this and savvy companies will incorporate the cemetary with a smoking area.
  • Tom F.
    Damn, this blows! I'm still relatively young but I keep hearing stuff like this. I now work 10 hours a day and I cannot keep up this pace till I'm 75. I'm curious what is going to happen when the life expectancy keeps rising more dramatically then the pension? The longer people live, the more money they will need for longer. Thanks for the post!

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