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Pension Age: Ministers To Speed Up Rise To 66

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http://news.bbc.co.uk/1/hi/politics/10398918.stm

The government is to speed up plans to raise the state pension age for men to 66, possibly by as early as 2016.

Ministers will also raise the option of extending it further, perhaps to 70 and beyond in the following decades.

The default retirement age of 65 - at which workers can be legally axed by employers - is also set to be axed.

Deputy Prime Minister Nick Clegg said this would stop people being "cast on the scrap heap" and would help "reinvigorate what retirement means".

But unions have condemned the plans as creating a "work-until-you-drop" system.

More details will be outlined later by the coalition team running pensions policy - Conservative Work and Pensions Secretary Iain Duncan Smith and Liberal Democrat pensions minister Steve Webb.

They are expected to say they want to legislate soon for the state pension age for men to be raised to 66, but that it will not happen before 2016.

'Reinvigorate retirement'

Women will be moved to that level a few years later.

The previous Labour government's policy was to raise the pension age to 66 in 2024 and then gradually to 68 by 2046.

They coalition will argue that this should be speeded up, eventually meaning a pension age of 70 or older.

The government also wants to scrap the default retirement age - which allows employers to shed staff at the age of 65.

Mr Clegg told the BBC: "I think the idea of having an increase by one year in the retirement age is accepted. It's just a question of how far you bring it forward.

"At some point you have to do it, so at some point we need to take this leap.

"I think it needs to be looked in the round.

"It will also be accompanied by removal of the default retirement age.

"We're going to make sure there's more flexibility for people at that age if they wish to keep working full time or part time."

But Bob Crow, general secretary of the Rail Maritime and Transport union, said: "As well as hitting pay, living standards, public services and jobs, the latest assault from the government is work until you drop.

"If you are a rich banker with a private pension you can sail off on your yacht at 55, but for working men and women retirement will be pushed further and further over the horizon in a step back to the days of Dickens. That is not sharing the pain, it is hitting the poorest hardest yet again."

UK life expectancy is currently 77 years for men and 81 for women.

Paul Kenny, general secretary of the GMB union, said: "The government knows that manual workers in the industrial regions of the UK do not enjoy anything like the same life expectancy as professionals or other classes or employees.

"To force someone who has done a lifetime of toil on building sites, farms or in factories to work until they are 66 is completely unacceptable."

In Tuesday's Budget the government announced that, from April 2011, the state pension would go up by the increase in average earnings, or in line with prices, or by 2.5% - whichever is highest.

Previously the state pension would go up every April by 2.5%, or the level of the Retail Prices Index the previous September.

This had been considered as unfair by some, as prices had lagged behind average earnings.

Public sector pensions

On Wednesday Prime Minister David Cameron warned public sector workers they can expect less generous pensions in future.

He said reform was necessary as part of efforts to save billions in order reduce the record deficit

Mr Cameron argued that that the bill for public sector pensions was becoming unaffordable and insisted he wanted to start by limiting the pensions of those on highest salaries whose pensions, he said, could be worth £60,000 to £70,000.

Pensions expert David Cule, from the independent financial advisers Punter Southall, told the BBC: "One way of looking at it is that he is sort of bringing [public sector pensions] into line with the private sector."

People already in retirement will not be affected, but those up to 30 years away from retirement will find that they will receive less than they expected - "which is of course what has happened in the private sector over the past five to 10 years," he said.

I love the smell of roast ponzi schemes in the morning.

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http://news.bbc.co.uk/1/hi/politics/10398918.stm

I love the smell of roast ponzi schemes in the morning.

I love the propaganda that people are living longer and healthier. I went to place some flowers on a grave the other day. If you look at the ages of the people who recently died, it didn't look like they lived any longer than people buried in the older graves. I suspect you will see this everywhere.

Work until you drop folks and continue to cough up for those luckier to be born before you.

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There was an average bloke on the TV the other day (Watchdog) having trouble with his tax codes. He had been retired for 23 years! Is that normal?

Edited by Tonkers

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There was an average bloke on the TV the other day (Watchdog) having trouble with his tax codes. He had been retired for 23 years! Is that normal?

Yup, HMRC always takes tax before it is due. If you have £10K in the bank they will TAKE the extra tax assumed that you will earn and expect you to claim it back off them if they take too much which they invariably do.

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Yup, HMRC always takes tax before it is due. If you have £10K in the bank they will TAKE the extra tax assumed that you will earn and expect you to claim it back off them if they take too much which they invariably do.

I mean is it normal for the average bloke to be retired for 23 years?

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Deputy Prime Minister Nick Clegg said this would stop people being "cast on the scrap heap" and would help "reinvigorate what retirement means".

:lol: F*cking shameless!

All part of the austerity meme.

Toil like peasants for your masters to ensure they get maximum return on their capital before you pop your clogs.

Got to keep feeding the banksters, landowners and politicians.

Just give me a bar code, a cage to sleep in and be done it you f*ckers!

When Goodwin's £30k a month pension is taken off him and given back when he hits 70 I'll go along with it. Till then...............

Edited by Red Karma

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:lol: F*cking shameless!

All part of the austerity meme.

Toil like peasants for your masters to ensure they get maximum return on their capital before you pop your clogs.

Got to keep feeding the banksters, landowners and politicians.

Just give me a bar code, a cage to sleep in and be done it you f*ckers!

Now you're getting it.

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:lol: F*cking shameless!

All part of the austerity meme.

Toil like peasants for your masters to ensure they get maximum return on their capital before you pop your clogs.

Got to keep feeding the banksters, landowners and politicians.

Just give me a bar code, a cage to sleep in and be done it you f*ckers!

When Goodwin's £30k a month pension is taken off him and given back when he hits 70 I'll go along with it. Till then...............

Word.

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I love the propaganda that people are living longer and healthier. I went to place some flowers on a grave the other day. If you look at the ages of the people who recently died, it didn't look like they lived any longer than people buried in the older graves. I suspect you will see this everywhere.

Work until you drop folks and continue to cough up for those luckier to be born before you.

I agree. This presumption of longer lives needs more scrutiny.

Childhood mortality has much reduced, which will skew the figures.

It is also the affluent and well who enjoy longer lives.

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I agree. This presumption of longer lives needs more scrutiny.

Childhood mortality has much reduced, which will skew the figures.

I'm sure that this has been taken into account. The average expected life of someone aged 65 has gone up considerably in the last 50 years.

It is also the affluent and well who enjoy longer lives.

Yep, this is true. Why should we do anything about this (other than to "encourage" healthy living)? If people choose to live on junk food, I don't see why they should be rewarded in retirement.

Edited by tim123

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I agree. This presumption of longer lives needs more scrutiny.

Childhood mortality has much reduced, which will skew the figures.

It is also the affluent and well who enjoy longer lives.

Here is a basic graph.. although I note your point about child mortality.. not sure now much that has changed over the past 30 years.

0046085.gif

I think the main problem is not life expectancy, it's demography. as the population expanded we had a lot at the bottom supporting a few at the top.

Now we have a lot at the bottom supporting a lot at the top.. which means there is less money generally to distribute amongst our elder citizens.

Either the retirement amount needs to change, or the retirement age.. I suspect the former is more difficult than the latter.. hence this outcome.

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Out of all the old scrotes I know, including me, all apart from 2 lost their proper jobs before the age of 50, none of them ever found real jobs again apart from part time McJobs at min wage or if they were clever, went into some sort of business and I know one who lost his life savings and house doing so. The upshot of this new scheme is that as most people lose their propper jobs at, lets say 50 (even earlier in some lines of buisness) then you now will have 16 years on the dole which is somewhat less than the pension and that is where their savings are made. Forget the laws re anti ageist, they are only for those already in a job and can be got around quite easiy, and here are some of the tricks, found out myself and some info from an ex job agent, as they are still allowed to ask your age, they do. Then once theyve finished crapping their pink knickers that you are socialy unacceptable to be seen in an office with pretty girls, they um and ah a bit then say they will get back to you. The next trick is that they get you to upload your CV and thats the last you hear, the agent of course is doing the filtering for the employer. If you apply directly to an employer, they either totally ignore your application and on enquiry they state they have never seen it. Ok Rant over, but this 65 - 66 thing has no meaning to the vast majority of us.

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Here is a basic graph.. although I note your point about child mortality.. not sure now much that has changed over the past 30 years.

0046085.gif

I think the main problem is not life expectancy, it's demography. as the population expanded we had a lot at the bottom supporting a few at the top.

Now we have a lot at the bottom supporting a lot at the top.. which means there is less money generally to distribute amongst our elder citizens.

Either the retirement amount needs to change, or the retirement age.. I suspect the former is more difficult than the latter.. hence this outcome.

That's a lovely graph, but how do you know the figures used to generate it aren't false. It's not like the government ever tells lies is it.

Edited by Minos

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if you look at life expectancy for people who survived to at least 5 yrs old (for example) you get a better picture of actual life expectancy.

Not convinced on the validity of graveyard studies. Dont poor people get cremated?

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Toil like peasants for your masters to ensure they get maximum return on their capital before you pop your clogs.

Screw 'em - we should all look for ways to defeat this and get the retirement in realtive youth & good health that we have been promised, and many older people have already enjoyed. Not sure how deferring the State Pension helps anyway - a pension paid at 70 should a A LOT higher than one due at 65, so surely the money will be have to found in the end. If the govt. just doesn't pay a pension from 65-70 without an actuarially calculated uplift at 70, then that is theft from people who have paid a lot of Tax & NI, plain & simple.

As for personal pension retirement age, if the govt lifts it from 55 to 60 then anyone who will eventually be entitled to a tax-free cash lump sum can simply borrow against it & stop working. Or sell their house if they have one & rent, living on the surplus. Or live off savings.

I demand (the option) to retire in my 50s at the date of my choosing like all my older mates have and will react very violently, (along with many others who have paid shedloads into the 'system' I suspect) if serious attempts are made to block all possible avenues to this.

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I demand (the option) to retire in my 50s at the date of my choosing like all my older mates have and will react very violently, (along with many others who have paid shedloads into the 'system' I suspect) if serious attempts are made to block all possible avenues to this.

I demand the right to do something I enjoy all my life and not count on a 'someday isle' mentality to get me through each mind numbing day in an occupation/area/marriage/life I don't enjoy.

Oh I forgot I did that twenty years ago

You don't get your prime years back,.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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