The ConDem government plan to make everyone work longer under their new pension's plan. They also want to scrap the current means-tested State pensions and will force firms to offer all of their workers company pension plans. Over 12.5 million people are currently claiming State pension, but what does this mean for the average worker?
12.5 million people currently rely on State pensions, but Karen Barrett of unbiased.co.uk now warns that "there is to be a major shake-up of the State pensions system, which could mean pensioners receiving a flat rate of 140 a week." This is because the Government wishes for people to take more control of their own pension and not rely on what they are given.
Shockingly, the Government are contemplating fixing the future retirement age at 68! For now though they only have firm plans to raise the age for both men and women to 66 by 2020. Currently, State pensions are awarded to women at 60 and men when they reach the age of 65. The age will be increased incrementally so that in 2015 women will be working till the age of 65.
This means that if you were born after 1953 you will be expected to work longer than those just a year older. Anyone born before 1953 is still eligible to retire at the standard age. You can work out your retirement date online at pensions.direct.gov.uk/en/state-pension-age-calculator.
There are alternative ways that you can save for your retirement which mean that you will be able to retire earlier. For example, you could choose to start saving through a private pension plan, a company plan or in a tax free savings plan like an ISA. To make this work, however, you will need to start planning for the future right now.
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Article: Retirement Age Set To Rise Author: Katie Clayton Publication Date: 2010-11-05 Total Views: 187 Word Count: 307 Category:Home /
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