Increase to Minimum Pension age from beyond 57

Marcon

Logan72 said:

Are the unlucky folk who fall into this category just screwed then?  No fair taper or transition for those born a minute later than someone else?

A whole family's retirement plans affected because of this?  Two, possibly three, years....we could be dead then.

Where's the justice fighters??

If the whole family could afford to retire at 55, then you'd expect them to have substantial non-pension savings they could draw on.

Maybe set up WAMPI (World Against Minimum Pension Increase) and get lobbying - although you've left it a bit late, since these changes have been known for years.

LHW99

Combine that with repeatedly raising the age (which gov seem to get away with without voter revolt unlike the french)

Shhh....... W**pi

FIREDreamer

JoeCrystal said:

Logan72 said:

Are the unlucky folk who fall into this category just screwed then?  No fair taper or transition for those born a minute later than someone else?

A whole family's retirement plans affected because of this?  Two, possibly three, years....we could be dead then.

Where's the justice fighters??

It is the folk's responsibility to pay attention to the laws and upcoming changes. Especially, it has been known that the government will increase the minimum pension age in 2014 and passed in Act in 2021. It is not the government's problem if the people don't pay any attention to public information. In other word, the unlucky folk has ten years to ensure the plan has been adjusted accordingly and just save enough money to cover two years' worth of expense.

Arguably that could mean a 20% savings rate over 10 years. Possibly attainable with some diversion of pension contributions as you would be making large contributions to go at 55 in tne first place.

How did this 55 to 57 increase get publicised to the general public? I got no letter but then again I am 61 anyway.

QrizB

FIREDreamer said:

How did this 55 to 57 increase get publicised to the general public? I got no letter but then again I am 61 anyway.

Individual letters, hand-delivered to affected individuals by the Chancellor of the Exchequer. Anything less than that would be clear grounds for judicial review.

/s

eskbanker

FIREDreamer said:

How did this 55 to 57 increase get publicised to the general public? I got no letter but then again I am 61 anyway.

Wouldn't it have been relayed by pension providers to the relevant customers, rather than a one-size-fits-all notification from the government to many who wouldn't be affected?

Aretnap

Logan72 said:

Are the unlucky folk who fall into this category just screwed then?  No fair taper or transition for those born a minute later than someone else?

A whole family's retirement plans affected because of this?  Two, possibly three, years....we could be dead then.

Where's the justice fighters??

Justice fighters?

First, you've had over a decade's notice of this change. If your rich enough to be able to even contemplate retiring at 55, saving a couple of years of living expenses outside a pension rather than inside it over the course of a decade or more shouldn't really be an intolerable hardship. 

Secondly, asking people, most of whom have no prospect of retiring in their mid 50s, to fight for justice on your behalf, or rather fight for generous tax breaks so you can stop working at 55, might no be a call to arms that many people are going to be inspired to answer. 

Thirdly, while well paid (and therefore, presumably, highly skilled and highly productive people) opting out of the workforce at the tender age of 55 (or to be honest, even 57) is doubtless a good thing for the people involved, it is definitely not a good thing for society as a whole. Well played and good luck if you've managed it, but it isn't really something that the government should be encouraging you to do through generous tax breaks like pensions.

Marcon

eskbanker said:

FIREDreamer said:

How did this 55 to 57 increase get publicised to the general public? I got no letter but then again I am 61 anyway.

Wouldn't it have been relayed by pension providers to the relevant customers, rather than a one-size-fits-all notification from the government to many who wouldn't be affected?

It's been very widely publicised by pension scheme trustees and pension providers. There has also been substantial publicity in the media.

If people don't bother to read what they get, or ignore all types of media information, there's not much anyone can do about it, however much they whine about unfairness/discrimination/lack of information...

FIREDreamer

Marcon said:

eskbanker said:

FIREDreamer said:

How did this 55 to 57 increase get publicised to the general public? I got no letter but then again I am 61 anyway.

Wouldn't it have been relayed by pension providers to the relevant customers, rather than a one-size-fits-all notification from the government to many who wouldn't be affected?

It's been very widely publicised by pension scheme trustees and pension providers. There has also been substantial publicity in the media.

If people don't bother to read what they get, or ignore all types of media information, there's not much anyone can do about it, however much they whine about unfairness/discrimination/lack of information...

So was the pension age equalisation and look what happened there.

Silvertabby

FIREDreamer said:

Marcon said:

eskbanker said:

FIREDreamer said:

How did this 55 to 57 increase get publicised to the general public? I got no letter but then again I am 61 anyway.

Wouldn't it have been relayed by pension providers to the relevant customers, rather than a one-size-fits-all notification from the government to many who wouldn't be affected?

It's been very widely publicised by pension scheme trustees and pension providers. There has also been substantial publicity in the media.

If people don't bother to read what they get, or ignore all types of media information, there's not much anyone can do about it, however much they whine about unfairness/discrimination/lack of information...

So was the pension age equalisation and look what happened there.

"Boring pensions - nothing to do with me - I'm only 40 something".

not2plan

Aretnap said:

 Well played and good luck if you've managed it

<sigh> luck?! hahah.
No, how about diligent sacrifice and not !!!!!! it up a wall like everyone else around you but scrimping and saving unlike the unwashed with everything on credit, or like the latest BBC article on pensions; not interested in the slightest in saving for one.
Just being frugal and getting stuffed for it.