AUTUMN STATEMENT: What do you think? Pension age to rise again.

An elderly couple stroll past empty beach huts. Pension age set to rise again. An elderly couple stroll past empty beach huts. Pension age set to rise again.

Thursday, December 5, 2013
8:15 AM

People now in their forties will have to wait until 68 to receive the state pension after it was revealed that the date of the planned increase in the retirement age is likely to be brought forward from 2046 to the mid-2030s.

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And a further rise in the state pension age to 69 is expected to take place by the late 2040s, hitting people now in their early thirties, the Government has said.

The delayed retirement dates will help save around £400 billion from the national bill for pensions, on top of the more than £100 billion already banked from planned rises to 66 by 2020 and 67 by 2028, which are unchanged.

The Government said that future changes in the pension age will be based on the principle that workers should expect to spend about one-third of their adult lives, on average, in retirement.

Sources said the formula - which will be applied in a pension age review mechanism to be held every five years - should ensure that the country is able to offer “decent but affordable” pensions to people in their old age while maintaining “fairness across the generations”.

“As a result of today’s announcement, people in different generations can expect to spend broadly the same proportion of their lives contributing to, and receiving, the state pension,” said a Government source in a statement.

The formula will be applied for the first time in a review shortly after the 2015 general election to fix the dates of the increases to 68 and 69.

Over the last 100 years, average life expectancy at 65 has almost doubled, rising by just over 10 years for both men and women.

In 1952 a man reaching state pension age spent around 21% of his adult life in receipt of state pension. This had risen to roughly 24% by 1980, 30% by 2000 and 32% by 2010. The principle announced today is intended to maintain that ratio at around a third.

23 comments

  • Why would you ask EDP readers? The average age will mean of the readership means they won't have to worry!

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    Jeffrey Osborne

    Thursday, December 5, 2013

  • Chipboard coffins in the workplace, with the cost coming out of your final paypacket after you drop. Why is anyone suprised? We have a tory chancellor who won't ever have to work, but has to make these difficult decisions on our behalf!!

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    Bazza46

    Thursday, December 5, 2013

  • Equality is one of the most over used words in politics, some people are lazy and useless but most are hard working and honest, it is the latter who should get preferential treatment when dishing out pensions etc. Trying to make people all the same is futile, society must aim to better itself by putting the decent people first.

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    John Bridge

    Thursday, December 5, 2013

  • No mention of MP's, Teachers, Councillors Council workers, etc working until they are 70 ?. Or will they be exempt once again ? If they are then I can forsee trouble in this country.

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    "V"

    Thursday, December 5, 2013

  • If all the unemployed were in work the welfare bill would go into freefall income from tax and national insurance would rocket. The British hierarchy could not allow this to happen, it would mean the working population would have some kind of power, to stop this the government allow entry to millions and millions of people from abroad. The high ups do not care if this bankrupts the country, they are allright.

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    John Bridge

    Thursday, December 5, 2013

  • Capitalism does not create inequality. Inequality is inherent in nature - after all evolution relies on it. Capitalism recognises that natural inequality and, some would say, exploits it. The duty of politicians is to temper and mould natural inequality for the collective benefit of all. The best way to work in that direction is by striving for equal opportunities which has been one of the shared policies of all main political parties for the last fifty years.

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    Old Hand

    Thursday, December 5, 2013

  • if there is not enough in the pension pot for british people where is the money going to come from to give pensions to the millions of immigrants labour let in and the one million which have arrived since under the coalition

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    milecross

    Thursday, December 5, 2013

  • That's it make the hard working work harder for longer so the scrounges can keep scrounging!!!!!!!!!

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    melalmighty

    Thursday, December 5, 2013

  • the unfortunate thing is it means an awful lot more wont ever get to retire at all :( the work to you drop ethic is what we will see in the future and with development of further new technologies there will be less employment available i can see an awful lot of our elderly have a real bad time in their dotage years.

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    MrB

    Thursday, December 5, 2013

  • In reply to Norfolk John. People like myself have been making provision for ourselves in retirement, we have paid tax and national insurance for FIFTY YEARS for the right to a pension, this is not a benefit, this is a right that we have paid for over many years.

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    Althalusukl

    Thursday, December 5, 2013

  • the bottom line is you will work till you drop to pay for thirteen years of labour . There will be no retirement age soon

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    milecross

    Thursday, December 5, 2013

  • So agree MrB Having had my children and still worked part time whilst they went through school, I returned to full time work but now find myself having to do a third job on a Weekend to make ends meet. Whilst the youngsters pup one child after another and get rich and fat sitting on their backsides doing diddly squat saying that they cannot find a job that will pay them the same as they get on the social having had 6 kids. . I have never had a problem finding work. If they capped child benifit at 2 kids and paid no more then in 14 years time we would not have huge families who find they are better off on the dole! Looks like I wont get the opportunity to retire at this rate. Tell me who are the mugs? Us for working hard or them for spnging. bah humbug

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    countrybumpkin

    Thursday, December 5, 2013

  • Dosn't matter as there won't be any jobs anyway

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    billythebookie

    Thursday, December 5, 2013

  • DWW25, capitalism creates wealth, without said wealth creation we are all up the creek. Having said that capitalism will only work when it is tempered with democracy, the Malcolm X quote is nonsense.

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    John Bridge

    Thursday, December 5, 2013

  • Dosn't matter as there won't be any jobs anyway

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    billythebookie

    Thursday, December 5, 2013

  • Thanks old Hand, agreed to a certain extend and on the arbitrary use of inequality within nature. The inequality experienced under our so self important party political regimes speaks for itself, a massive and rising gap between rich and poor with no mechanismn in sight or promoted by the perpetartors to bring it down. It is their direct policies, egged on by various vested interest, rarely mandated by the wider electorate, and that of the ever lurking establishment figures that have landed us in a position we find us now in. The pension policies never worked from conception as a massive deficit was always thought to rectify itself, pension policy's were a failure, public or private sector. Pension funds by their size and activities, are part of an unsustainable financial system today. Today was electioneering with petrol prices day.

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    ingo wagenknecht

    Thursday, December 5, 2013

  • When I get old I want to wear purple and a plastic rain mac.

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    PaulH

    Thursday, December 5, 2013

  • It's cheaper to keep 50 - 70 year olds on unemployment benefit for a maximum 12 months than pay them a pension - even though they've paid into it for more than 30 years to ensure they have sufficient contributions. As Malcolm X said, "You show me a capitalist, and I'll show you a bloodsucker".

    Report this comment

    DWW25

    Thursday, December 5, 2013

  • Making us older people work, till 70, while the youngsters leaving school are unemployed (?)doesn't make sense to me.

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    musicman

    Thursday, December 5, 2013

  • The Malcolm x comment is valid as capiotalism creates inequality first. Socially irresponsible employers and companies who pay no taxes fuel this inequality and I can't see the chancellor getting a grip on the fraud and tax evasion that is still making the financial system a gamble, after all, these people are the Tory backers and best friends of George. So looking forward to Ms. Rowe's autobiography.

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    ingo wagenknecht

    Thursday, December 5, 2013

  • hmm, I can see the logic in this but it obviouly depends on the work you do. I don't think it's right to expect old men to work outdoors in all weathers potentially doing the same as a 20 year old. I suppose we will find a huge increase in the amount of people on incapacity benefits. Where I work half the labour force is over the current retirement age and they enjoy great holidays and a decent standard of living as they own their homes and their families are grown and gone. Some people don't know what to do with themselves in old age and enjoy working. It isn't fair on the rest though who may have families to support and want to buy a house etc to have to wait for these richer old people to move on so they can get a promotion or opportunity. By moving the retirement age backwards we will move the entire demographics of prosperity back aswell with people having to wait longer before they can afford to do anything.

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    oldowl

    Thursday, December 5, 2013

  • And a red hat which doesn't go, and doesn't suit you?

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    Joyce

    Thursday, December 5, 2013

  • It won’t make any difference because I am sure that the state pension will be means tested in a few years anyway. However, surely it is up to the individual to provide for his or her retirement – and before the left wing moaners get on their high horse, yes …. The vast majority of people can save for their retirement but prefer to ‘invest’ in wide screen TV’s, cigarettes and takeaways!

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    Norfolk John

    Thursday, December 5, 2013

The views expressed in the above comments do not necessarily reflect the views of this site

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