A new consideration is underway as to whether to change the state retirement age from April 2028, the point at which it will have reached 67 for men and women, potentially affecting people under the age of about 55. John Cridland, the former director general of the CBI, was appointed to act as the independent reviewer of the pension age and will look at whether the pension age should continue to be linked to rising life expectancy.
The Office for Budget Responsibility has already forecast that on current life expectancy trajectories the state pensionable age could reach 70 by the mid-2060s, but some have warned that it could come even sooner than expected. Tom McPhail, the head of retirement policy at the financial services firm Hargreaves Lansdown, said: “We fully expect state pension ages to go up faster than currently planned, and those joining the workforce today are likely to find themselves waiting until their mid-70s to get a payout from the state system. “Whatever decisions they make, the government needs to make sure they communicate them very, very clearly so individuals can plan their retirement savings with some certainty about what they will get from the state, and when they will get it.”
If you are worrying about your pension then why not get in touch with our team at Enable, we will help you to review your current pension plan.
Source: BBC
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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