Private pension increase from 55 in 2028?

Options
12357…10

Comments

  • hugheskevi
    hugheskevi Posts: 3,861 Forumite
    First Anniversary Name Dropper First Post Car Insurance Carver!
    Options
    I read today that longevity for both men and woman has been reduced
    The rate of improvement in longevity is lower than was previously expected. People are still expected to live longer than currently, but not for as long as previously expected.
    However does that mean the government should be reviewing pension age again ?
    It is scheduled to be reviewed again in 2023. There is a legislative requirement for regular reviews which take account of the latest data.
  • Malthusian
    Malthusian Posts: 10,944 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    A7andy wrote: »
    However does that mean the government should be reviewing pension age again ? The pension age was pushed up by the government based on these longevity estimates!!!

    The increase in the State Pension Age was inadequate to keep pace with rising life expectancy, so the fact that people will continue to live longer at a lower rate than previously expected simply makes the State Pension Age increase slightly less inadequate.

    Short answer: no, the SPA isn't going to be lowered. Until the day that a lower rate of State Pension is expanded to the general adult population, after being renamed Universal Basic Income.
  • A7andy
    A7andy Posts: 7 Forumite
    Options
    Malthusian wrote: »
    The increase in the State Pension Age was inadequate to keep pace with rising life expectancy, so the fact that people will continue to live longer at a lower rate than previously expected simply makes the State Pension Age increase slightly less inadequate.

    Short answer: no, the SPA isn't going to be lowered. Until the day that a lower rate of State Pension is expanded to the general adult population, after being renamed Universal Basic Income.


    I’m sure that when they realised longevity was slowly rising the decision to raise PA was based on that fact , so now it is slowly reducing the PA should be reviewed down again ?? I’m sorry but I can’t agree that the very people that are stopping us/me getting what we paid into for years is just disgraceful, the french would be out on the streets rioting, we just say well done thanks !!
  • hugheskevi
    hugheskevi Posts: 3,861 Forumite
    First Anniversary Name Dropper First Post Car Insurance Carver!
    Options
    I’m sure that when they realised longevity was slowly rising the decision to raise PA was based on that fact
    State Pension age was ignored for decades after being introduced in its modern form in 1948, only changing in 2010 due to a legal need to equalise State Pension age.

    In 1948, 23% of adult life was spent above State Pension age.

    By 1985 this had increased to 29%.

    By 2007 it had increased to 32%. This is the level the Government thinks should be targeted, and would require State Pension age to be increased to age 68 in 2037 based on the 2017 Cridland Review.
    so now it is slowly reducing the PA should be reviewed down again ?? I’m sorry but I can’t agree that the very people that are stopping us/me getting what we paid into for years is just disgraceful, the french would be out on the streets rioting, we just say well done thanks !!
    State Pension age was reviewed in 2017, the Govt concluded that changes should be made in 2037 but due to uncertain longevity trends the change would not be legislated for, and considered again in the light of latest data at the next scheduled review of State Pension age in 2023.

    Although longevity is increasing more slowly than expected, unless the latest data suggests the slower increase would reduce the percentage of adult life spent in retirement to below 32% with a State Pension age of 67, there would be no reason to suggest changing anything until at least 2037 based on the stated position of Govt. in 2017.

    The most likely consequence of the latest data would be an argument that the increase in State Pension age to 68, proposed for 2037, should be put back.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    First Anniversary Name Dropper First Post
    Options
    Just performed my annual check on my state pension summary online and it states:

    Proposed change to your State Pension age
    You’ll reach State Pension age on xx February 2040. Under government proposals this may increase by up to a year.
  • username12345678
    username12345678 Posts: 283 Forumite
    First Anniversary First Post Name Dropper
    Options
    I turn 55 in August 2027 so I await confirmation of any tapering plans with interest (horror).
  • Snakey
    Snakey Posts: 1,174 Forumite
    Options
    End of March 2027 for me so if they're going to taper it in then I hope they do it by shifting it up a year on 6 April... sorry... :)

    Always depending on how easy it is to actually access one's pension pot thus getting in before the lock! If it's "Thank you for your application, which we will endeavour to process in the next 7-10 working days. We will send you some forms by second-class post. Please ensure your signature is witnessed by a GP, then take the form in person to your nearest branch of ObscureBank..." then the laugh will be on me.
  • Malthusian
    Malthusian Posts: 10,944 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    Snakey wrote: »
    Always depending on how easy it is to actually access one's pension pot thus getting in before the lock! If it's "Thank you for your application, which we will endeavour to process in the next 7-10 working days. We will send you some forms by second-class post. Please ensure your signature is witnessed by a GP, then take the form in person to your nearest branch of ObscureBank..." then the laugh will be on me.

    If you have a very small window in which to crystallise you can transfer your pension to a provider that offers drawdown well in advance of the window, so that they can press the button on your birthday. This was how it worked with the five-year jump in 2010.
  • MoneyGeoff
    MoneyGeoff Posts: 256 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    edited 23 April 2019 at 10:46AM
    Options
    username12345678 wrote: »
    I turn 55 in August 2027 so I await confirmation of any tapering plans with interest (horror).

    The tapering could work like this. It is just a guess:

    ED0gkq2.png

    So that would make your date Dec 2028 instead of Aug 2027. This is just a guess though, we'll have to wait for the facts.
  • Silvertabby
    Silvertabby Posts: 9,023 Forumite
    First Anniversary Name Dropper Photogenic First Post
    edited 23 April 2019 at 1:53PM
    Options
    There was no tapering when the age increased overnight from 50 to 55 wef 6 April 2010.

    Of course, can't say if the same rules will apply in the future, but back then as long as someone qualified for - and had requested payment of - their pension on or before 5 April 2010, then it could still be paid. ie, it was the date due that counted, not the date it was actually paid.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards