Tories plan to raise the state pension age to 75 over the next 16 years

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Tories plan to raise the state pension age to 75 over the next 16 years

Post by expressman33 » Sun Aug 18, 2019 12:04 pm

According to the Daily Mirror the Tories plan to raise the state pension age to 75 over the next 16 years

https://www.mirror.co.uk/news/politics/ ... _hjPXbzpHs

https://www.independent.co.uk/news/uk/p ... 64071.html

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Re: Tories plan to raise the state pension age to 75 over the next 16 years

Post by teamsmith » Sun Aug 18, 2019 12:30 pm

I think anyone with half a brain knew it was on the horizon.... oh well it'll be work till I drop for me.... unless that unicorn comes along in the form of a lottery win :lol:
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Re: Tories plan to raise the state pension age to 75 over the next 16 years

Post by William Joseph1 » Sun Aug 18, 2019 1:07 pm

Most people will continue to retire before 75 largely due to the rise in workplace pensions which will be payable before the State pension age is reached.
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Re: Tories plan to raise the state pension age to 75 over the next 16 years

Post by planteria » Sun Aug 18, 2019 3:25 pm

i think i'm currently due my state pension at 67.. i'll be surprised if that is changed very significantly by a Conservative government. at the same time, the waste is enormous and balancing the finances is the right thing to do. and agreed William: the workplace scheme changes do seem to be having a positive influence.
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Re: Tories plan to raise the state pension age to 75 over the next 16 years

Post by Derbiean » Sun Aug 18, 2019 4:10 pm

They might as well just go straight to scrapping the state pension completely.

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Re: Tories plan to raise the state pension age to 75 over the next 16 years

Post by pabenny » Sun Aug 18, 2019 4:22 pm

William Joseph1 wrote:
Sun Aug 18, 2019 1:07 pm
Most people will continue to retire before 75 largely due to the rise in workplace pensions which will be payable before the State pension age is reached.
I doubt that most will be able to afford to retire before 75. Although technically most pensions can be paid from 55, contribution levels to most pension schemes will give a pitiful amount for anyone retiring as early as 55: If you pay in at the minimum (as most do), that's 8% of your earnings from 20 to 55 = 35 years. If you then live to 90, that's another 35 years with just 8% of your earnings to support you. Yes, a considerable simplification, but it illustrates the point.

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Re: Tories plan to raise the state pension age to 75 over the next 16 years

Post by AAAlphaThunder » Sun Aug 18, 2019 5:04 pm

Derbiean wrote:
Sun Aug 18, 2019 4:10 pm
They might as well just go straight to scrapping the state pension completely.
Agreed.

Lucky it doesn't make much difference to me but I know people who will not make ends meet.
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Re: Tories plan to raise the state pension age to 75 over the next 16 years

Post by planteria » Sun Aug 18, 2019 5:10 pm

Derbiean wrote:
Sun Aug 18, 2019 4:10 pm
They might as well just go straight to scrapping the state pension completely.
i don't agree. it's a useful element of any retirement plan, and we're all paying into the system on the basis of the promised support being provided.
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Re: Tories plan to raise the state pension age to 75 over the next 16 years

Post by Constantine » Sun Aug 18, 2019 5:34 pm

The headline is a tad misleading. The current Conservative government has no new plans at all for the SPA. The Centre for Social Justice, a conservative think tank, has produced a report recommending that the SPA be raised to 70 by 2028 and 75 by 2035. Whether or not the government will take any notice, I do not know.

Decisions on the SPA are based on reports by the Government Actuary. The last one was in 2017, which resulted in the increase to 68 being phased in over the years 2037-39 rather than 2044-46.The next report is due in 2023 - they are made at 6 year intervals.

https://obr.uk/forecasts-in-depth/tax-b ... e-pension/

I don't expect any changes until 2023. My best guess would be that the SPA will be raised to 70 from 2040 onwards. Unfortunately we have an aging population and there are limits on what kind of burden you can impose on the working population.

P.S. Isn't Ros Altmann a bit of a plonker; “There must be a facility for those who can’t work to retire earlier.” Really? What bloody difference does it make?

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Re: Tories plan to raise the state pension age to 75 over the next 16 years

Post by pabenny » Sun Aug 18, 2019 7:31 pm

Thanks for clarifying the headline.

As for the comment attributed to Ros Altman - it's not as daft as it sounds. State pension is provided freely: if you paid the years in, you receive it. And if you don't get the full amount, you can claim means-tested pension credit. Out of work benefits are more demanding -eg work capability assessments, more stringent means testing, etc. For some who are older they may never work again and so the opportunity to move to retirement benefits rather than out of work benefits is a useful simplification.
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