Tuesday, October 6, 2009

Tories plan rise in pension age

Shadow chancellor George Osborne will raise the state pension age from 65 to 66 from 2016 if the Tories win the next election, to help tackle UK debts.
He has also not ruled out a rise in pension age for women towards 66.
The government has already announced plans to raise the state pension age to 66 but between 2024 and 2026.
Bringing the move forward would mean many more people than previously expected, particularly those aged between 49 and 59, having to work a year longer before qualifying for a state pension.
Conservative Party sources say the change would save £13bn a year from the budget deficit, about 0.75% of GDP each year.

Why not go radical and simply scrap it, people live longer, simply allow them to work on if that's ok with their employers.
I also wonder if this will apply to the public services too and their golden index linked pensions? Be nice if it was a level playing field for once.
Funny also that politicians don't seem to have to be forcibly retired either. Good few I know who should be put out to pasture and they haven't reached 65 yet.

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