MSE News: State pension age rise delayed

chris_m

jamesd wrote: »

The increase in state pension age is desirable, to affect as many of the baby boomer generation as possible, so the only reason to sign that petition is self-interest. We have plenty to lose, higher taxes to pay for higher state pensions for longer.

As a woman you've had 17 years of notice available that you would not have a state pension age of 60. You also have 8 years of notice of the change that is happening in 2020.

Come on, James. Don't let the facts stand in the way of a good rant ;);)

bigadaj

chris_m wrote: »

Come on, James. Don't let the facts stand in the way of a good rant ;);)

Not a problem, just keep James on the pension board, he nipped over to the loans board a few days ago and caused chaos with his logic, didn't you know it is all about the children?

jamesd

You might find Growing up in poverty of interest. It was off topic for the loan discussion but knowing the impact of poverty on life outcomes of children is of interest for anyone who cares about children.

bigadaj

There's no irony modulus in actuarial studies.

jamesd

There is here, though, and I recognised it. Just thought I'd add some interesting data...

annak53

jem16 wrote: »

No one has had to wait an extra 4 years. The maximum extra wait is 18 months and the notice has been around 7 years

I was born in June 1953 and was due to retire next year - 2013. However, I now have to wait until March 2017. That's an extra 4 years.

The change for women from age 60 to age 65 has been known since 1995.

Yes, I was aware of the proposed change. However, as I mentioned, this coalition government broke its agreement not to increase the State Pension age for men until 2016 and 2020 for women. Had they honored this it would have given people time to plan and adapt.


Where have you been since around June 2010 when it was first announced? At that point the changes saw a 2 year rise for women born between December 1953 and October 1954 from age 64 to age 66. In September 2011 this was later repealed to see a maximum wait of 18 months.

Please refer to my first comment. However, I spent 12 months abroad and the changes did not effect me. The point you seem to have missed is "We will phase out the default retirement age and hold a review to set the date at which the state pension age starts to rise to 66, although it will not be sooner than 2016 for men and 2020 for women. We will end the rules requiring compulsory annuitisation at 75". (excerpt taken from The Coalition - Our programme for Government).
a good idea to get all the facts correct first. People might be inclined to take you a little more seriously then.

My facts are correct. Thanks for your reply though, albeit rather patronising.

jem16

annak53 wrote: »

My facts are correct. Thanks for your reply though, albeit rather patronising.

Your facts are not correct.

I was born in June 1953 and was due to retire next year - 2013. However, I now have to wait until March 2017. That's an extra 4 years.

You have not been due to retire at age 60 since 1995. So you have known (or should have known) for 17 years.

Yes, I was aware of the proposed change. However, as I mentioned, this coalition government broke its agreement not to increase the State Pension age for men until 2016 and 2020 for women. Had they honored this it would have given people time to plan and adapt.

That was for the increase from age 65 to age 66. The increase for women from age 60 to age 65 was passed way back in 1995 and was never in question. So you had 17 years to plan for the first change and a further 5 and a half for the second change. That's 22 and a half years - how much time do you need?

Please refer to my first comment. However, I spent 12 months abroad and the changes did not effect me.

The changes did affect you but not as much as other women. Your state retiral age since 1995 has been 63yrs 2/3mths and is now 63yrs 8mths. So you have basically had an increase of 5/6 months and this has been known since October 2011, giving you 5 and a half years to prepare for a 6 months increase.

The point you seem to have missed is "We will phase out the default retirement age and hold a review to set the date at which the state pension age starts to rise to 66, although it will not be sooner than 2016 for men and 2020 for women. We will end the rules requiring compulsory annuitisation at 75".

I haven't missed it but you have misunderstood it.

The rise in state pension for women from age 60 to age 65 was passed in April 1995 and had already begun in April 2010. The rise to age 66 was from the default retirement age of 65 for both men and women.

You would have been more affected if it were not for a change of mind of the government after there was an initial outcry by many women in October 2010 when it was first announced. It was repealed in October 2011. Perhaps reading this will help you understand.

http://www.mycompanypension.co.uk/Table-of-female-State-Pension-Age-Factsheets

jamesd

annak53 wrote: »

broke its agreement not to increase the State Pension age for men until 2016 and 2020 for women.

annak53 wrote: »

"We will phase out the default retirement age and hold a review to set the date at which the state pension age starts to rise to 66, although it will not be sooner than 2016 for men and 2020 for women"

The Department for Work and Pensions says a plan to raise the state pension age to 66 in 2020 will be delayed by six months from April 2020 to October 2020. Both April and October 2020 are "no sooner than" 2020. The coalition has complied with the undertaking in its agreement so far as it can, though the requirement to buy an annuity at age 75 had already effectively been lifted in 2006 when Alternatively Secured Pensions were introduced.

It appears that you may simply have misunderstood the Agreement as saying that it would reverse the ongoing change to 65.

jackyann

The_Angry_Jock wrote: »

Surely when it comes to statistics about what age people die they pretty concrete since all deaths are registered?

I did a bit of work in public health stats. Yes you are correct, and that is why we have pretty good information. But there are several factors that the stats can't easily deal with, among which are:
Predictions: we know what age people are dying at now, we can only guess at what age they are going to die as we don't know what medical advances or environmental changes are going to happen. Statins, for example, have made an enormous difference to the mortality rate.
Small groups & individuals: if you worked in a particular industry, have a certain genetic inheritance etc......one of the things we are becoming aware of is the interaction between genetic inheritance & environment.

dunstonh

My facts are correct.

Not they are not. Jem's information is correct.

I was born in June 1953 and was due to retire next year - 2013. However, I now have to wait until March 2017. That's an extra 4 years.

You havent been able to get your state pension at 60 since the rules were changed on nearly 20 years ago (1995 rule change with consultation for about 3 years prior to that).

Yes, I was aware of the proposed change. However, as I mentioned, this coalition government broke its agreement not to increase the State Pension age for men until 2016 and 2020 for women. Had they honored this it would have given people time to plan and adapt.

An unfortunate change for you at short notice but only a delay of around 6 months. Not exactly an issue.

The rise from 60 to 65 we nearly two decades ago. The rise from 65 to 66, 67 and then 68 were brought in by the Labour Govt. These were already happening prior to the coalition. The coalition brought forward the dates to something similar to what was proposed by the review commissioned under Labour.

Every party has had it's hands in increasing the age from 60 to 68. It is generally regarded that that Labour bottled it as a report was commissioned by them and they decided not to follow it as quickly. The Coalition, as they have in a number of areas, have come out with proposals/dates on issues and the altered them after (a failing they need to address quickly but no indication they will).