Will pension age change to 75? & potentially 65 earliest access to any pension...if tories stay in!

Novice_investor101 wrote: »

I'm 37 and have been planning on the SP age being 70 before I can get to it - if it's lower, then bonus! My aimed for retirement age is 60.
I have a DB pension payable from age 65, a personal DC pension through my work (max employer contribution being paid in), a S/S isa and LISA both of which I contribute to every month and a Share Save scheme where I buy one and get two free.
Hopefully, all these will provide enough flexibility that no matter what changes are made in future I will be able to choose when I give up work and stick to my target of age 60 - or earlier if I want to.

I’m in a similar position and this is pretty much how I see it. 38 and aiming to retire at 60. Like yourself I’m thinking SP age will possibly be 70 by the time I get there but unlikely to be any worse. I’ve got one Civil Service DB pension payable from 60 with approx. 14 years service. I’m also contributing to a second one payable from 68 but that could potentially increase as its tied to SP age. Both DB pensions however can be taken earlier but would be reduced accordingly. The McCloud judgement also means I might be able to return to the earlier scheme. We’ll see!

Our mortgage is nearly paid off. The current plan is to maximise LISA contributions to support my Classic pension at 60. I’m also using Regular Savers to add to our existing cash savings to ensure we have flexibility and accessible funds in our 40s and 50s. Will possibly look at additional investments when I can’t contribute to my LISA from 50 onwards.

Paul_Herring wrote: »

While unwarranted, the Centre for Social Justice (LOL at the name, given the context) do have strong links to them. IDS e.g.

Yes it has one Tory MP on their working group, IDS, who's not in the govt any more. It also has someone from the JRF, but I doubt it's JRF policy!

I've just read the report, won't go down well here amongst those planning early retirement but makes some interesting points that a couple of people have made here about the benefits of working later in life.

But the state pension increase suggestion is crackers, it's almost as if they wanted to create something the media will latch onto to get them noticed...
Report is here:

https://www.centreforsocialjustice.org.uk/core/wp-content/uploads/2019/08/CSJJ7421-Ageing-Report-190815-WEB.pdf

Zero_Sum wrote: »

The problem with that line of reasoning is that this policy wouldnt hurt current pensioners. Its the future pensioners (ie the current young) who its going to hurt.

Current pensioners may well just think 'im alright jack'

The almost- pensioners will be hacked off and when they collect their pensions may well give the pension-postponement party a bit of a kicking.:cool:

mark1959 wrote: »

Stop kidding yourselves! The tories would love to increase the pension age to 75. You're in denial. :cool:

They also love winning elections, so it's not going to happen. Labour would love to means test it, but again, they're not going to commit political suicide either.