Pensions

[the nomad]

What is all this I hear about raising retirement age to 67.

Let me understand this correctly as it makes my blood boil, I will work a further two years to allow all the spongy lazy gits to sit back and lift the dole. I have every sympathy for those down on luck or needing help but in our society these people are a minority now. 67 hells bells I be luck if i see any of it and do all my full contributions go to my wife...NO!!!!!

This is a disgrace once again peanlise the workforce and reward the scroungers

[golach]

This is a disgrace once again peanlise the workforce and reward the scroungers

The "Scroungers" as you call them will not get their pension until they are 67 either and it is going to be 68 for pensionable age

http://news.bbc.co.uk/1/hi/business/4484226.stm

[j4bberw0ck]

It's a lot more complicated than just that, and isn't likely to affect you unless you're very young. It's your State Pension qualification age that's changing;
pension age will rise from 65 to 66 between 2024 and 2026, from 66 to 67 between 2034 and 2036, and from 67 to 68 between 2044 and 2046. That's my understanding, anyway - I don't think it's changed in the last couple of weeks since the changes were announced.


In any event, there's no compulsion to work until you get your State pension; you can retire any time you like if you have your own (sufficient) pension fund so perhaps it'll concentrate people's minds on making their own provision instead of relying on the State - which is always a sucker bet, anyway. Think of all the people who believed in the State from 1948 and suddenly found their comfortable State pension wasn't worth a fart in a colander because the State changed the rules..... think of all the people who contributed to pension schemes up to the point where our dear Chancellor changed the rules in 1997 (the first time taxation changes have ever been applied retrospectively by any politician) and screwed us all, to the tune of £150 billion since then. And have things got any better for it? Yes, if you work in the public sector, or are a politician; you've seen your pay rise to a higher average wage than the private sector, and kept an incredibly generous pension scheme that the private sector can't afford.

However, getting back to the original question, the State pension will at least be a little more generous under the proposals made and it'll mean that women who haven't paid full "stamps" because of time out to raise families and so on won't be disadvantaged.


<edit> there've been a few minor changes since the link JAWS posted was published. >>>This<<< (http://news.bbc.co.uk/1/hi/in_depth/business/2005/turner_report/default.stm) is a good resource for an overview.

[oldmarine]

The increased age to receive social security pension happened years ago in the USA. My wife born in 1942 will have to wait until she turns 67 years to receive her social security pension. For our children it will be even at a later age. I was able to get my social security pension at age 65 years of age. I was born in 1925.