Telegraph today - state pension age will go out further

chiefie

May be scaremongering as the report isn't due till April I think, but already hinting that those who have a 67 year old retirement age will go out to 68.

Don't forget for those in lgps this includes your benefits too !!!

System

Another recent report suggests that as the younger generation now takes no exercise, and most of the population is obese, life expectancy will start falling again shortly.

Silvertabby

This was part of the Pensions Act 2007 - a further review (to be completed by 2017) to consider an increase from 67 to 68 for those born before a certain date.

Notice period will at least 12 years - so it could be worse!

dunstonh

May be scaremongering as the report isn't due till April I think, but already hinting that those who have a 67 year old retirement age will go out to 68.

The state pension age has been planned to phase to 68 for about 8 years now.

66 between November 2018 and October 2020
67 between 2026 and 2028
68 between 2044 and 2046

Those born after 5th April 1977 will be on 68.

There is expectation that that the years it will change will be brought forward and there could be linking to life expectancy. Originally, the 67 increase was around 2034 and was brought forward.

DominicH

So the speculation is that the transition from 67 to 68 will follow on immediately in 2028, or in other words that there will be a single transition from 66 to 68, presumably by 2030 rather than by 2046.

The key quote, I think is

"If the Government needs to shore up the public finances, it would struggle to find a more politically painless way to take £8,000 off tens of millions of people.

"News that the State Pension Age will rise to 67 by 2028 barely generated a squeak of protest – maybe people never believed the State Pension promise anyway, or maybe it is just too far away to worry about."

Finst

The government has previously said it intends to link the state pension age to increases in life expectancy. Given life expectancy has been going up roughly 1 year every 8 years, the logical conclusion would be to assume the state pension age will do the same.


I don't expect to get a state pension until my 70s.

DominicH

Finst wrote: »

Given life expectancy has been going up roughly 1 year every 8 years, the logical conclusion would be to assume the state pension age will do the same.

Or fraction thereof. If the principle is that the last fifth (say) of one's life should be the state pension part, then the pension age should rise by 4/5 years for every one year rise in life expectancy. Or, to put it another way, by one year every ten years.
[/nitpick]

Radiantsoul

dunstonh wrote: »

The state pension age has been planned to phase to 68 for about 8 years now.

66 between November 2018 and October 2020
67 between 2026 and 2028
68 between 2044 and 2046

Those born after 5th April 1977 will be on 68.

I was born on 6th April 1977...oh well!

bugslet

DominicH wrote: »

So the speculation is that the transition from 67 to 68 will follow on immediately in 2028, or in other words that there will be a single transition from 66 to 68, presumably by 2030 rather than by 2046.

The key quote, I think is

"If the Government needs to shore up the public finances, it would struggle to find a more politically painless way to take £8,000 off tens of millions of people.

"News that the State Pension Age will rise to 67 by 2028 barely generated a squeak of protest – maybe people never believed the State Pension promise anyway, or maybe it is just too far away to worry about."

I've been expecting it to rise and so I didn't squeak. When I left school, my pension was forecast to start at 60, now it's 67, maybe it will move up again. Most people seem to realise that the pension promise is unaffordable.

LindaMary

Oh !!!!!!! I am 55 in 2 months. Guess this will affect me again!!! I only have 24 years NI and no chance of working again but not eligible for benefits of any kind!

bowlhead99

LindaMary wrote: »

Oh !!!!!!! I am 55 in 2 months. Guess this will affect me again!!! I only have 24 years NI and no chance of working again but not eligible for benefits of any kind!

Presumably though, if you're not eligible for disability benefits, the only having 24 years NI and not working again in the next decade or two is simply a lifestyle choice - so if you're sitting back as a lady of leisure waiting it out for a pension rather than finding some sort of work, the problem is of your own making?