Pension age to rise to 68. By Dan Martin

The age at which people receive the basic state pension will rise to 68, the government confirmed today as it unveiled long-awaited reforms of the UK's pensions system.


Revealing the new White Paper in the House of Commons, pensions minister John Hutton said to pay for a more generous state pension, the retirement age needs to go up.

Hutton said it will rise to 66 between 2024 and 2026, to 67 between 2034 and 2036 and to 68 between 2044 and 2046.

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Comments

pensions crisis - what crisis?

AnonymousUser | | Permalink

I welcome the end to means tested pensions where we were encouraged to blow our money now as we would get more of a pension if we did! Talk about policy flipping!

I thought that NI contributions were supposed to contribute towards pensions? If employers are now expected to pay more, then the employers NI contributions should be reduced accordingly - at least a transition period would be welcomed by struggling businesses.

Of course the pensions 'crisis' we read about would not be as bad if the Govt had not decided to steal 5 billion a year (now rising to 7 billion) when they first came to office. That 5 billion per year pension raid was borrowed (stolen) from OUR future, and resulted in many private individuals abandoning the stock market in favour of buy-to-let. This harmed businesses and our pensions further, and then stoked the rise in house prices. Who was the Chancellor trying to help by his stupidity? Not those who cannot afford to buy a house. Not businesses who's share price was hit. Not our pensions!

AccountingWEB's picture

What a suprise Government failing to face up

AccountingWEB | | Permalink

The government seems hell bent on knobling UK industry by any means necessary. This new pension idea which is another level of nanny state gone barmy Will be unlikely to sort out the mess that the government itself created like the man mentions earlier about stealing 5 billion a year from the pensions.
But agaim as it is unlikely to effect any government member personally will go through and the UK economy will suffer and blame will be banded around eventually being accepted by no one and have no consequence to any government member