Private pension increase from 55 in 2028?

fred246

It's a funny question. MOST people are more than happy to retire 10 years before state pension age. People who are obsessed with very early retirement and have the financial means can circumvent it anyway.

Paul_Herring

Snakey wrote: »

What is interesting is the way that article is phrased - as if the current rules are already based on SP age minus ten years and it is only because of this that people think it must be 55.

Well newspaper articles are well known for their inaccuracies among people who know the subject matter - c.f. Gell-Mann amnesia effect.

It's not as if the author concerned was the Minister of State for Pensions at any point in his previous career, and should know better, is it?

/s

fred246

We used to have an IFA who came round touting for business. She was an expert on our company pension. She told us that you had to be 55 to retire unless you were a 'professional footballer or an acrobat in the circus'. I did a bit of research and discovered that we had a protected pension age of 50 so I retired at 50. When I told her she was supplying duff information she seemed like she had no interest and would continue to supply duff information. "Why on earth would you want to retire at 50?" she remarked. It still amazes me that I could have worked an extra 5 years because of IFA incompetence. I never employed her though so I always wonder if I could have sued her?

Paul_Herring

fred246 wrote: »

It's a funny question. MOST people are more than happy to retire 10 years before state pension age.

I was under the impression, given most apocalyptic newspaper articles on the subject (but see my previous comment about Gell-Mann) "most people" would actually consider themselves lucky if they could afford to retire *at* state pension age.

EdSwippet

Anonymous101 wrote: »

Was it simply a hard date so for example if you were 50 on 6 April and hadn't began to receive your pension then you woke up the next day and couldn't claim a pension until you were 55?

Exactly this.

jimi_man

fred246 wrote: »

We used to have an IFA who came round touting for business. She was an expert on our company pension. She told us that you had to be 55 to retire unless you were a 'professional footballer or an acrobat in the circus'. I did a bit of research and discovered that we had a protected pension age of 50 so I retired at 50. When I told her she was supplying duff information she seemed like she had no interest and would continue to supply duff information. "Why on earth would you want to retire at 50?" she remarked. It still amazes me that I could have worked an extra 5 years because of IFA incompetence. I never employed her though so I always wonder if I could have sued her?

Ha, obviously never heard of the police pension then!

Anonymous101

EdSwippet wrote: »

Exactly this.

Thanks.


I suppose 5 years is quite a large jump. If this does come to fruition then a 2 year increase isn't that big of a step and providing they do give a good bit of notice shouldn't prevent anyone who planned to retire at 55 or 56 in 2027 from doing so.

vulcanrtb

Come on folks, surely we can do better than referring to articles in the Daily Mail and the like.

zagfles

vulcanrtb wrote: »

Come on folks, surely we can do better than referring to articles in the Daily Mail and the like.

The money bit of the Mail is usually OK. And this particular article was by Steve Webb, the Pensions Minister at the time the change to 57 was first proposed!

Silvertabby

Anonymous101 wrote: »

Would someone be able to refresh my memory as to how the 2010 increase worked?


Was it simply a hard date so for example if you were 50 on 6 April and hadn't began to receive your pension then you woke up the next day and couldn't claim a pension until you were 55?


6 years notice strikes me as about the minimum required to make a switch of tactics between saving into a pension or saving into an ISA to make up a 5 year bridge. Of course if your savings rate is not so high then one would need longer to make up the gap.

Yes, it was as hard as that.