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Will pension age change to 75? & potentially 65 earliest access to any pension...if tories stay in!
FIRSTTIMER
Posts: 637 Forumite
Thoughts on this, I am certainly not happy if this does happen in the future!
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Other political parties don't have magic money trees. Though their spending committments suggest that they might do. With an ageing population supported by people fewer in work. The future is far from certain.0
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Right, best start planning to work until 80 then0
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FIRSTTIMER wrote: »Right, best start planning to work until 80 then
Other option is save more in your private pension so you can choose when you retire.0 -
Stop moaning and just work till you drop dead. Please consider MP pension scheme in your will too.0
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Wouldn't work, the OP is in the Teachers' Pension Scheme, where the Normal Pension age is linked to State Pension age.Other option is save more in your private pension so you can choose when you retire.
Personal pensions are available, and pension could be taken early admittedly.0 -
Stop moaning and just work till you drop dead. Please consider MP pension scheme in your will too.
Like various other public sector pension schemes (including Firsttimer's TPS), the current (CARE) version of the Parliamentary Pension Scheme has an NRA linked to the member's SPA. Overall the MPs' scheme is no more generous than the TPS in fact (although the TPS, of course, is itself generous) - accrual rate is a bit higher (1/51 vs 1/57) but the revaluation rate for active members is lower (CPI vs. CPI+1.6%).0 -
Either way, if SPA increases and so does the access to private pensions. I very much doubt 75 will be access for pensions and then 58 remain the age for access from PP. This will also increase by the 10 year rule. 65-55, 68-58, 75-650
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I guess all we can ever do is hedge our bets and plan around possible later dates, with a balanced mixture of pension, S&S ISA and cash savings.
Only hindsight ever tells us if we got the balance right!How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)0 -
Not anytime soon.
https://www.walesonline.co.uk/news/uk-news/dwp-issues-response-after-calls-16804084.ampConjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
FIRSTTIMER wrote: »Thoughts on this, I am certainly not happy if this does happen in the future!
The only reason it would like to go to 75 is if Labour got in first and then the Conservatives have to sort out the mess afterwards.
There are no Government proposals or even hints that the state pension age is going to rise in large steps. The official reports (and not the thnk tank rubbish that appeared recently) had suggested a period linked to life expectancy. Moving to 70 is is a sensible possibility if you are in your 20s or early 30s.0
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