Experts suggest the UK state pension age could rise to 70, raising concerns for those in lower-income or physically demanding jobs.
Experts have suggested that a new state pension age could be on the horizon for the UK, and it 'wouldn't be a surprise'. The Department for Work and Pensions (DWP) could potentially increase the state pension age to as high as 70, according to a recent warning from an expert. Kevin Mountford, co-founder of Raisin UK, stated that it 'wouldn't be surprising' if proposals were put forward to raise the pension age to 69 or 70 years in light of current trends and pressures.
'Given current trends and pressures, it wouldn't be surprising if proposals emerged to increase the pension age to 69 or 70 years over the next decade, particularly if life expectancy projections stabilise,' said Mountford. He also mentioned the planned rise to 67 years by 2028 is already underway, but there's now speculation about the Labour government potentially hastening a further increase to age 68 - or even higher. Mountford warned of the potential implications of such a move, especially for those in lower-income or physically demanding jobs. 'For many, especially those in lower-income or physically demanding jobs, delaying the state pension could result in significant financial and health challenges,' he cautioned. If Labour does decide to push the pension age beyond age 67, Mountford emphasised the need for a well-thought-out transition plan, such as enhanced support for individuals nearing retirement who are already struggling financially. He urged that short-term economic benefits should not overshadow the pursuit of social equality. 'The short-term fiscal benefits must not come at the cost of long-term societal inequality,' Mr Mountford cautioned, reports Birmingham Live. To be eligible for the full new state pension, one typically needs a minimum of 35 years' worth of National Insurance contributions – with some requiring more – and at least ten years for any pension. National Insurance contributions are usually accrued by being employed and paying taxe
PENSIONAGE UK ECONOMY SOCIAL POLICY RETIREMENT LABOUR PARTY
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