State Pension Age Increase Suggestion

The State Pension Age (SPA) currently stands at 66.  It is due to increase to age 67 tapered between 2026 and 2028.  It then remains at age 67 until being phased up to 68 from 2036 to 2037.

• If you were born between 06/03/1961 and 05/04/1977 your state pension age is 67. 
• If you were born between 06/04/1977 and 05/04/1978, it is phased between ages 67 and 68. 
• If you were born after 05/04/1978, your state pension age is 68.  It will be likely be by then, that the Normal Minimum Page (NMPA) for all your other pensions will have been increased from age 57 to age 58.

That said, one member of the Bank of England’s Monetary Policy Committee (MPC) has suggested this week that the rate of State Pension Age increases could be brought forward to supplement ever increasing cost pressures on government debt, covid debt and an ageing population.

Comment

Well that’s easy for a Bank of England MPC member to say.  In fact, we are quite tired of politicians, central government, central bank and local government employees, with their superb ‘gold plated’ pensions forcing the rest of us to work even longer.  Politicians have ‘ducked’ this issue for over 50 years.

We accept that increased longevity has put pressure on the system.  The reality is that we do not pay enough social security contributions when compared to other nations.  In addition, there are too many benefits claimants that are fit for work and do not but they still get a full state pension and additional benefits when in retirement.

We suggest politicians need to go back to 1948 when the NHS and State Pension System was overhauled as part of the biggest social reform event in our history.  There are too many people making too much money and not paying enough in taxes and too many people doing absolutely nothing but still get looked after financially.  It needs a total rethink to find a balance for all.