Increase to Minimum Pension age from beyond 57

cockerWalker

I'm less convinced that the state pension isn't sustainable in the UK. Sure the triple lock will be tweaked over time and I'd expect for it to end up linked to wage growth or inflation, but not fundamentally removed. Given that everyone in the workforce has NI contributions, it would be extraordinarily difficult for a government to remove entitlements to them. Yes, qualifying age will go up in line with life expectancy, which does have an element of unfairness to it for some groups.

Looking at UK public pension spend here (page 13) https://commonslibrary.parliament.uk/research-briefings/sn00290/ it could double as a percentage of GDP and the UK would just about be in top third of listed countries rather than the bottom third. This is a level of spend other countries manage to sustain already, so is possible, and is a political (off topic) decision for this country to make.

In my view a more likely change is to bring pensions and other unearned income within the scope of national insurance, possibly as part of a future deal for care cost funding. I could certainly see a justification for this.

I am concerned that some gen x and millenials have fallen between the final salary schemes and auto enrollment, and may set back the reduction in pensioner poverty over the last couple of decades. State pension for a couple is enough to get by, but doesn't really cut it for a single person. 

In terms of starting out today I think that housing costs are the biggest barrier. A 2 bed terrace that I rented 22 years ago for £600 / month is now advertised at £1800 and incomes certainly haven't tripled in this time.

NoMore

Have you posted on the wrong thread ? This thread is about the increase of minimum pension age in 2028 for private pensions. It’s nothing to do with the sustainability of the state pension. Been plenty of threads about that however they tend to not last as they tend to descend into political squabbling.