conservatives planning to raise retirement age to 75

stronginthesun

please tell me they cant do this . they retire early on massive pensions . us peasants work until we drop .

hugheskevi

conservatives planning to raise retirement age to 75 please tell me they cant do this

Parliament is sovereign and if it could command a majority when the legislation was voted on it would be able to increase State Pension age if it wished.

However, given there is no proposal to do so, there is no reason to believe it will happen, especially as it would be a huge vote loser among an age demographic with a high propensity to vote.

The next review of State Pension age is scheduled for 2023. That is likely to bring forward the date at which State Pension age increases to 68, although this is less certain given recent longevity changes. This does assume the Governments belief that spending 32% of adult life above State Pension age remains unchanged.

they retire early on massive pensions

'They' presumably being MPs? Or Ministers? Either way, their pension scheme is similar to all other public service pension schemes. The especially generous pension schemes they used to belong to were ended in 2015.

Although the recent McCloud pension judgment may well affect the MPs pension scheme, in which case MPs may find themselves returned to the very generous pre-2015 scheme.

In any case, many MPs are independently wealthy, particularly within the Conservative Party. Only 3% of MPs come from a manual working background, with the rest roughly equally split between a background in the professions (barrister, solicitor, doctor, etc), business and miscellaneous (including white collar, publisher/journalist and farming). 34% of Conservative MPs attended Oxbridge, so it is not surprising they are very well-off financially - that usually has little to do with their MP status though, as although reasonably well paid at £77,000 p./a an MP salary is still a lot lower than many MPs would earn outside Parliament (noting also that some will have second jobs).

us peasants work until we drop

If an individual chooses to make no financial provision for themselves to become financially independent, then either continuing to work or relying on the State will be necessary.

JoeCrystal

StrongInTheSun. First of all, it is not the Government policy but a plan by a think tank called Centre for Social Justice, so there is nothing officially planned. Periodic review of rules about pensionable age must be done within six years of the last review. In this case, we probably will see a report on reviewing the pension age before July 2023.

Frankly, nothing is stopping the Government from raising the SPA to 75; how feasible it is to get it through the Parliament is another question entirely.

If you want to retire earlier than 75 or whatever the SPA is, you would need to contribute more from your income. The onus is on you to do the planning for your retirement, not the Government

arnoldy

This is not Retirement Age, this is the age at which the Government pays a State Pension. You can retire, in theory, at any age.


But I sympathise with low paid (especially manual) workers who struggle to save separately for retirement and where the SP makes up a big % of income in retirement.


Hopefully the hard working low paid will get help to save, and that's made worthwhile by sweeping away the means testing, increasing minimum wage if we leave EU, and getting the benefits bill under control. Subsidies for wealthier probably need to be trimmed to help that - including things like help to buy which is basically a money transfer device to housing bosses and shareholders.

ffacoffipawb

Raise SPA to 75?

They will be out for a generation.

People would prefer the risk of Corbyn to that.

Paul_Herring

This is not Retirement Age, this is the age at which the Government pays a State Pension

And, likely, by extension, when you can access your private pension if they bring in that 10-year tie in.

fred246

I don't understand how the 'centre for social justice' can recommend that rich people have a long and happy retirement while the hard working poor have a short retirement or die before retirement. Doesn't seem very just.

stronginthesun

many quotes on providing for yourself , saving more from your income ect ect . since being made redundant 5 years ago ive worked in a big warehouse . many of the workers are in their 20s to 30s on not a lot more than minimum wage , many have opted out of the government pension scheme because they cant afford it with high rents and high child care . they will be working until they drop .

fred246

stronginthesun wrote: »

many quotes on providing for yourself , saving more from your income ect ect . since being made redundant 5 years ago ive worked in a big warehouse . many of the workers are in their 20s to 30s on not a lot more than minimum wage , many have opted out of the government pension scheme because they cant afford it with high rents and high child care . they will be working until they drop .

I have said this before on this forum. I don't think young people feel they will ever reach retirement age. As state pension age gets closer to average age of death you can see why. There's no point saving for a retirement you'll never get.

ffacoffipawb

John Semtex McDonnell scaremongering on twitter already. :rotfl:

ruperts

The Centre for Social Justice is a Tory think-tank so of course they will be promoting policies that help the rich get richer at the expense of the rest of us. The frightening thing is that ordinary people actually vote for them so their disgusting policies always have a chance of becoming reality.