retirement age

tisha

I know they changed the age of retiring, does anyone know the cut of date for retiring at 60 instead of 65, i am sure i have put this on the wrong board .
Tisha

exil

Up to 2010 the age is 60
then goes up in stages to 65 in year 2020

So basically - born in 1950 or earlier - 60
1951 - 61
and so on to
1955 - 65

dunstonh

From 2024, it then becomes 66
2034 - 67
2044 - 68

This bit isnt legislation yet but it is supported by both parties and expected to go through with no problems.

Cook_County

dunstonh wrote:

From 2024, it then becomes 66
2034 - 67
2044 - 68

This bit isnt legislation yet but it is supported by both parties and expected to go through with no problems.

These are not/will not be retirement ages. They will be the ages from which the UK State pension will be paid out.

You could receive pension income from UK pension plans from age 50 (55 from 2010), or receive both kinds of pensions earlier if you move to an appropriate EU country.

Paul_Herring

Cook_County wrote:

These are not/will not be retirement ages. They will be the ages from which the UK State pension will be paid out.

Given the OP's question, that is what they were asking for.

EdInvestor

https://www.thepensionservice.gov.uk has the exact details.

exil

OH was born in 1960. Started work expecting to get pension at 60 (in 2020). Then it became 65. And lo and behold - it's now 66! So much for long-term pension planning.

Cook_County

exil wrote:

OH was born in 1960. Started work expecting to get pension at 60 (in 2020). Then it became 65. And lo and behold - it's now 66! So much for long-term pension planning.

IMHO we may have a case against the government should we wish to take them through the Courts because we all have pension forecasts clearly stating a retirement age that has retrospectively been changed - however I can't afford the legal costs even as far as the House of Lords, let alone the European Parliament, so yes I agree, my own planning is now kaput, but there is little any of us can do individually..

EdInvestor

Regulatory risk is one of the big hidden problems with all pensions.The trouble is once your money's in the pension, you can't get it out.At least with other wrappers, if they change the rules not to your advantage, you can usually take your money out and find something else.

dunstonh

Although the basic state pension isn't something you can opt out of and S2P you can (for the moment) but you then have investment risk vs legislative risk.

margaretclare

exil wrote:

OH was born in 1960. Started work expecting to get pension at 60 (in 2020). Then it became 65. And lo and behold - it's now 66! So much for long-term pension planning.

Well, this must be the case for an awful lotta people. Remember these people are in the second wave of the 'baby boom' which started in 1945 - very many babies were being born in the early 1960s, among them my surviving daughter (1961). I haven't heard her complaining about it though, although she must be well aware of it.

So far she's accrued 12 years pension rights with a local authority, then 2 years with Ofsted, and now in a university pension scheme since last year.

Margaret