Revised retirement age

gingerkat

Is it legal to take someone's money for years and then tell them that the rules have changed and they are going to have to wait for another 6+ years to get money that is due to them? I wondered if the EU would have a view on this.

Like many women of my age (59), I paid into a government pension scheme that would pay out when I turn 60. However, the government moved the retirement age and I will not get my pension until I am 66 and a quarter.

I can understand that if women want equality, that should include the retirement age. But, the government did not give sufficient notice of the change to allow women to make other financial arrangements.

I guess I could be seen as lucky as I have been employed (not earning a lot, but earning a living) and have paid into the system. If the government allowed people in my age bracket to retire, it would free up a job for someone currently unemployed - allowing them to gain a work ethic and hopefully feel more fulfilled... and they could support themselves and perhaps their family. At the moment, youth unemployment is ridiculously high and yet they want to keep 'mature' people in work.

The bottom line is that people of a certain age (men and women) are not as energetic as younger people and many would be quite happy to retire. And, no, although the knees may have lost a bit of their spring, I don't consider myself old!!

I guess it must be cheaper to keep young people out of work and on benefits rather than pay a pension.

bigfreddiel

gingerkat wrote: »

. However, the government moved the retirement age and I will not get my pension until I am 66 and a quarter.

I can understand that if women want equality, that should include the retirement age. But, the government did not give sufficient notice of the change to allow women to make other financial arrangements.

well this was all decided and put in place in 1995 - you were 31 (okay 41) then and thats how long you've had to plan 18 years, maybe you don't recall it happening?

here are a few things that may trigger your memory:

Barings Bank Collapses
Bosman Ruling
Diana Admits Adultery
Fred West Found Hanged
Nick Leeson jailed for Barings Bank Collapse
Rose West Sentenced

good luck

fj

Linton

gingerkat wrote: »

Is it legal to take someone's money for years and then tell them that the rules have changed and they are going to have to wait for another 6+ years to get money that is due to them? I wondered if the EU would have a view on this.

Like many women of my age (59), I paid into a government pension scheme that would pay out when I turn 60. However, the government moved the retirement age and I will not get my pension until I am 66 and a quarter.

I can understand that if women want equality, that should include the retirement age. But, the government did not give sufficient notice of the change to allow women to make other financial arrangements.

I guess I could be seen as lucky as I have been employed (not earning a lot, but earning a living) and have paid into the system. If the government allowed people in my age bracket to retire, it would free up a job for someone currently unemployed - allowing them to gain a work ethic and hopefully feel more fulfilled... and they could support themselves and perhaps their family. At the moment, youth unemployment is ridiculously high and yet they want to keep 'mature' people in work.

The bottom line is that people of a certain age (men and women) are not as energetic as younger people and many would be quite happy to retire. And, no, although the knees may have lost a bit of their spring, I don't consider myself old!!

I guess it must be cheaper to keep young people out of work and on benefits rather than pay a pension.

I have good news for you!

As a female born presumably in 1953 you get your state pension when you are between 62yr/8mnth and 65yr/2mnth depending when in 1953 you were born. See here

You can of course retire whenever you like provided you have saved and/or set up a pension sufficient to cover the period until you reach your state pension age.

mumps

bigfreddiel wrote: »

well this was all decided and put in place in 1995 - you were 31 then and thats how long you've had to plan 18 years, maybe you don't recall it happening?

here are a few things that may trigger your memory:

Barings Bank Collapses
Bosman Ruling
Diana Admits Adultery
Fred West Found Hanged
Nick Leeson jailed for Barings Bank Collapse
Rose West Sentenced

good luck

fj

It changed twice, so far, and to be fair the second change didn't give alot of notice.

mumps

bigfreddiel wrote: »

well this was all decided and put in place in 1995 - you were 31 then and thats how long you've had to plan 18 years, maybe you don't recall it happening?

here are a few things that may trigger your memory:

Barings Bank Collapses
Bosman Ruling
Diana Admits Adultery
Fred West Found Hanged
Nick Leeson jailed for Barings Bank Collapse
Rose West Sentenced

good luck

fj

Like the OP I am 59 and I certainly wasn't 31 in 1995.

bilbo51

bigfreddiel wrote: »

well this was all decided and put in place in 1995 - you were 31 then and thats how long you've had to plan 18 years, maybe you don't recall it happening?

here are a few things that may trigger your memory:

Barings Bank Collapses
Bosman Ruling
Diana Admits Adultery
Fred West Found Hanged
Nick Leeson jailed for Barings Bank Collapse
Rose West Sentenced

and bigfreddiel forgot how to do simple arithmetic. :rotfl:

molerat

It is amazing how many women still believe they have been stitched up at short notice when the major part of this has been planned for in excess of a decade. As posted above, you can retire whenever you wish it is just the state pension you will not receive. It can be done, just means an extra 6 months to 2 years relying on other means for money which should be covered by the "!!!! happens" factor built into your retirement plan. Since retiring I now have an extra 6 months and MrsM has 13 mths longer to wait for our SPs, we will cope though, the spreadsheet says so.

annie1975_2

I agree gingerkat,it should be freeing up jobs for the younger ones. But when someone retires these days,the rest of the work force end up doing extra work because they are too tight to take anyone else on.

dunstonh

Is it legal to take someone's money for years and then tell them that the rules have changed and they are going to have to wait for another 6+ years to get money that is due to them? I wondered if the EU would have a view on this.

Yes it is legal and much of that increase was because of the EU.

Like many women of my age (59), I paid into a government pension scheme that would pay out when I turn 60. However, the government moved the retirement age and I will not get my pension until I am 66 and a quarter.

You havent had a 60 state pension age for almost two decades.

I can understand that if women want equality, that should include the retirement age. But, the government did not give sufficient notice of the change to allow women to make other financial arrangements.

As the change to 65 was first proposed twenty years ago and then put in place 18 years ago, surely that is enough?

The only bit at short notice was the increase from 65 to 66. The increase was brought forward more in line with the original report.

Torry_Quine

I never fail to be amazed that some women seem totally surprised that the age for receiving state pension was raised longer ago than they thought.

I have to say though that for most people the state retirement age is the age at which they retire in my experience. Yes you can retire whenever you want but affording it is a different matter.

dunstonh

I have to say though that for most people the state retirement age is the age at which they retire in my experience. Yes you can retire whenever you want but affording it is a different matter.

The average retirement age in the UK is 62 (although I seem to recall something earlier in the year saying it was creeping towards 63).