Following the previously binned private members bill by MP David Curry to abolish the compulsory retirement age of 75, another MP is hoping to be more successful. Adrian Flook MP will be the next to try and get this bill through Parliament.
Mr Flook said that the Retirement Income Reform Bill is intended to allow pensioners to have greater flexibility over their choice of retirement without the need to fall back on State benefits.
Our View
Whilst people should be able to choose when they take their pensions, there is always another side to the story. If people leave taking pensions until age 75 then it is far more likely to be in payment for fewer years than if it had been taken at 65.
If you are considering delaying your pension, always compare what you are giving up in terms of income now. If you could get £10,000 per year now or £11,000 next year, why wait? You will have given up £10,000 for waiting a year.
Always take advice when it comes to finally buying your pension. If you make a mistake you cannot go back and will have to live with your choices for the rest of your life.