State Pension Age To Hit 70

Published / Last Updated on 27/03/2017

State Pension Age To Hit 70

As predicted by us, the John Cridland report into increasing State Pension Ages has been published today and suggests an increase in State Pension Age to age 70 years.

As per previous reviews, the issue for State Pension fairness across generations needed to address:

  • Life expectancy
  • Challenges faced by those who rely most on the State Pension
  • Long-term financial sustainability of the system

The report suggest a number of recommendations after the latest changes take place in 2028:

  • State Pension age should rise to 68 between 2037 and 2039
  • State Pension age should not increase more than 1 year in any 10 year period, assuming that there are no exceptional changes to the data used.
  • That all employers should have elderly care policies in place which set out a basic care offer for employees
  • That people should be able to access a mid-life career MOT and review which should be facilitated by employers and by the government using online support and through the National Careers Service

What does this mean if recommendations are accepted?

  • If you were born 1969 onwards, you will have to wait until age 68 for state pension
  • If you were born after 1979, it could be 69 years old for State pension
  • If you were born after 1989, you may have to wait until 70 years of age to finally get your state pension.
  • If you are an employer, watch out!  Being forced to set up elderly care plans for your employees?

Mid Life career guidance makes sense and will complement the new Pension Advice Allowance that we can all draw up to £1500 from our pension to get pre-retirement advice that starts in April.

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