Saturday, 24 October, 2020

State pension age to hit 68 in 2038

Work and Pensions Secretary David Gauke accelerated by seven years the lift in the state pension age to 68 Work and Pensions Secretary David Gauke accelerated by seven years the lift in the state pension age to 68
Debra Rodriguez | 20 July, 2017, 02:06

Latest projections from the Office for National Statistics show that the number of people over State Pension age in the United Kingdom is expected to grow by a third between 2017 and 2042, from 12.4m in 2017 to 16.9m in 2042. "Without this decision people of working age would have faced a heavy tax burden".

Without action this would increase to 6.5 per cent of GDP by 2039 to 2040.

The data from University College London, showing that the rate of increase in life expectancy has slowed, will inevitably lead to questions around the pace of State Pension Age increases.

Latest projections from the Office for National Statistics show that the number of people over State Pension age in the United Kingdom is expected to grow by a third between 2017 and 2042, from 12.4 million in 2017 to 16.9 million in 2042.

Latest projections from the Office for National Statistics (ONS) show that the number of people over state pension age in Britain is expected to grow by a third between 2017 and 2042, from 12.4 million in 2017 to 16.9 million in 2042.

No one born before April 5, 1970 will be affected by the change. And he added that the government would be carrying out a further review before legislating to implement the plans.

Hargreaves Lansdown head of policy Tom McPhail said the government had "kicked the can down the road" by doing this, but said this gives it some time to develop a comprehensive savings strategy.

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Keeping the State Pension age at 66 would cost over £250 billion more than the government's preferred timetable by 2045/46.

But charity Age UK pointed out that his announcement comes just days after former government adviser Sir Michael Marmot warned that the trend towards longer lives was "pretty close to having ground to a halt" since 2010, after rising constantly since the Second World War.

Investment platform AJ Bell said the change was a necessary move, though Theresa May's minority government was likely to face a battle to get the controversial measure through the House of Commons.

'There is a balance to be struck between funding of the state pension in years to come whilst also ensuring fairness for future generations of taxpayers'. While it is possible to delay retirement and take a higher pension in exchange, the same flexibility does not exist in reverse.

While Governments will save millions in withheld pensions for those who do not belong to the elite, thousands will live their later years toiling away, and as many will land in early graves.

"This proposal will affect more than 7mn people in their late 30s and 40s - the sandwich generation", he said. The PLSA says group are also those most at risk of inadequate private saving as "they have not had the same access to final salary pension schemes as their parents and are too old to enjoy the full benefits of automatic enrolment that their children will see".

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