Government to conduct review into state pension age

[lookingforwardtoautumn2]

https://news.sky.com/story/government-to-conduct-early-review-into-state-pension-age-13399571

Some news sites are saying the rise to 68 may be brought forward.

It doesn’t really make sense when they’re also saying pensioners will be poorer in the future compared to those today. Why is the answer to raise the age further?..

The SPA is 68 for me at the moment but I wouldn’t be surprised if it rises into the 70s, especially if they keep the triple lock.

I remember the CEO of Next being on Question Time moaning about ppl being on disability benefits. Not one person asked him what his companys policy was on employing disabled people or maybe if they did it was edited out. Thats what i would have asked him. The blatent hypocrisy really pisses me off

f you're in your 40s and expecting to rely on the state pension then that is on you. The demographic and economic situation means it is unfeasible. There's been enough chat about this, auto enrollment etc to encourage private contributions.

Why can't the burden be spread amongst generations? Loads of private pension schemes are crap

I find your attitude really quite insulting.

There’s more to it then making good health choices, make good financial ones too.

How can people choose to avoid high housing costs, wage stagnation, higher taxes?

The pensions industry and the actuaries have been arguing for 70 (some for 72) since the 1990s. The present age is far too low given current life expectancy.

healthy life expectancy is what matters & that has not changed in years.

It’s not easy for 60 plus to walk into a new job, and that’s without AI kicking in as @JenniferBoothpp

Labour seem using policy to be reduce jobs, when we need more work not less.

Another issue is future pensioners will have a higher % who are renting.

It's a fucking mess.

Because they'll be pensioners for less time, so with a finite resource, they'll actually have more per year in retirement. Unfortunately to achieve that, they'll have to work for longer.

I am early 50s and will be furious if my SPA or terms change between now and 67.
I have done a 'lifetime' budget taking into account SP on top of my savings and private pensions at 67. I don't have the capacity to increase my earnings now or delay, working full stop is a huge struggle already.
It's too late to change the terms.
As an aside, I actually don't have enough NI for a full SP anyway (as I was contracted out early on in my career) which is already maddening as I have paid a huge amount of tax and NI (was a high earner) and am very conscious that my SP entitlement is already lower than those who contributed a lot less than me, if it deteriorated any further (especially through means testing), I would be incredibly bitter.

If state pension is means tested, as some suggest, more of us will spend more of our work pension before reaching state pension age, to make sure we get it, so I hope the bar for means testing is set high.

Well when half the population is currently depending on the state to support it, there's clearly going to come a time when there's no money left in the pot. Maybe today's younger generation should be putting more pressure on the Government to get people into the workplace and for a review of the welfare system.

Why do you think the government would tolerate that? It would be like trying to avoid care home fees by disposing of your house.

You would have to calculate whether it would be better to rely on SP than have your own pension. Let’s face it as it a SP is a very low standard of living by itself which is why the government is desperately telling people to top up via their own.

I think it is vastly more likely that the triple lock goes and the value shrinks as it is not inflation rated. That was what happened in the past with the SP.

And you could argue that as the disability benefits Bill is so high, that generally our health has deteriorated in the last few decades. Either that or the disability benefits are for too easy to access....

Or the NHS needs to pull its finger out and get through the waiting list. Funny how there is always an attempt to gloss over this when illness benefits are mentioned.

But, but but. If you are claiming PIP when you retire, it becomes a legacy benefit and you automatically get it for ten years.

Well when half the population is currently depending on the state to support it, there's clearly going to come a time when there's no money left in the pot.

That's inevitable with an ageing population though & our benefits aren't really linked to how much one has paid in taxes.

I don’t get the state pension for a couple of years but I always paid into work pensions when able to. You only get really good private pensions if you’re on a good salary and I wasn’t. I’m currently taking my private pension because my OH is still working full time but if I was on my own my private pension wouldn’t be nearly enough to live on, definitely not a comfortable income.

Part of the problem is so many people now on PIP going into state pension age which can ( if receiving top rates of both components) be almost double what people get in Attendance Allowance. This continues indefinitely along with all the extra pension credit etc that many people get. It's completely unaffordable. the pension age bill just for PIP will be massive in a few years time and forever unless action is taken to switch people to AA at state pension age. which i doubt will happen as it would be very hard to take it away.

Honestly, I have calculated, and even though I have increased my contributions to my work pension it isn't enough for me to live on at retirement, so I will need state pension.

I also would rather spend my work pension while I am fit enough to enjoy it and then live frugally on state pension.

Many others feel the same judging from pension groups I am in, and I'm not sure what the government can do about it.

I think work pensions are great, and today's young people will do well if they start now. Those in my age bracket however (50's) will need their state pension, and if it becomes means tested will spend what they have before then.
I will be drawing my 25 percent tax free next year and enjoying it.

Another thing that's not been factored in is how are those 70+ year olds going to get to work. So many threads on here in the past about elderly parents (age range70+), and their ability to drive safely. Which brings me to the question would you get on a bus/train knowing that the driver was past 70?

Or things like PIP mobility taken away as @Miley23 has suggested. Some people want it both ways

Thing is, they fanfared the removal before they'd even thought about how it would affect the poorer pensioners. Now they've U-turned, they've completely mucked up the whole thing. The fairest and simplest way to ensure the WFP got to those who need it and in the process help the working population would have been to raise the lower tax threshold to £20,000. Instead, they've tinkered with benefits for families, messed with beneifts for pensioners and screwed us all over.

At the moment you need 35 years contributions to qualify for a full pension.
I KNOW a lot of people did Uni, but, assuming everyone started 'qualifying' at 22, that would make state retirement age 57.
So why not just say that everyone needs 45 years to qualify? That takes it to 67, the 'current' retirement age.
Not sure how much difference this would make, but 35 years seems very little these days.

You get as good as you pay in for. I paid extra into my private pension because I’m single, a waspi and wanted to retire early at 58. It meant I had to go without things but i got to retire at 58 with the help of a small part time job.

https://news.sky.com/story/government-to-conduct-early-review-into-state-pension-age-13399571

It's a review that happens every six years, is routine and won't conclude until 2029.
From reading this it looks like Nigel is more keen than Labour to increase pension age.