New timetable for State Pension changes to maintain fair and sustainable pension

August 1, 2017

On 19th July the Government announced a new timetable that the State retirement age would rise to 68, in line with continuing increases in life expectancy.

 

Latest projections from the Office for National Statistics show that the number of people over State Pension age in the UK is expected to grow by a third between 2017 and 2042, from 12.4 million in 2017 to 16.9 million in 2042.

 

Under the proposed new timetable, the State Pension age will increase to 68 between 2037 and 2039, earlier than the current legislation which sees a rise between 2044 and 2046. The change will affect everyone born between 6 April 1970 and 5 April 1978.

 

 

 

We know people are living longer and this means the income people receive in retirement needs to pay out for a longer period.

 

Our suggestion is that people need to consider their retirement income and make sure that they make sufficient provision. In the 1980s and the early 1990s the focus was on retiring early. There is nothing stopping us retiring early now  or even semi-retiring. We can access our own pension arrangements, currently from age 55. In my view the only factor that stops us is our own failure to save and plan sufficiently.

 

Our advice is get good advice and plan.

 

For more information you can contact us on 01473 487611.

 

For full information on the government proposals go to 

https://www.gov.uk/government/news/new-timetable-for-state-pension-changes-to-maintain-fair-and-sustainable-pension

 

 

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