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42 per cent support early access to state pension

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42 per cent of the population are in favour of overhauling the state pension to give people earlier access, even at a reduced rate, according to research from Aegon.

In a poll of 2,000 people in the run up to the Cridland review consultation closing, Aegon found that nearly half of people thought pension policy as it stood was unfair.

Almost a quarter thought state pension payments would be reduced in future, and 17 per cent said they feared further rises in the state pension age, rising to 24 per cent for those aged between 45 and 54.

Former CBI director general John Cridland is currently leading a review into the state pension, with a consultation on possible future changes to the state pension age and flexibility set to close on the 31 December ahead of a set of recommendations in spring next year.

Aegon pensions director Steven Cameron says: “If the Cridland Review comes to one conclusion, it should be to allow people to choose to take their state pension from an earlier age, such as 60, albeit in return for receiving a smaller payout each month. Everyone approaching retirement has different needs and circumstances, and we need a more flexible system which accommodates this variety.”

Among women surveyed, 40 per cent though slowing down state pension age rises would make pension policy more fair.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Except that this totally ignores one simple salient fact. That 99.9% of people, including many in this industry have no idea as to what a pension is, how the state pension is paid for and none of them consider who is going to pay for it.

    So early access is given at a reduced rate, then they claim pension credit to bring them up to the minimum income guarantee at normal state pension age.

    So in effect they lose nothing in exchange for gaining “early access”. I assume the money for this is supposed to come from the “money tree”?

  2. Taking money out early, even at a reduced rate will have a dramatic impact which I doubt anyone has considered that wrote the article or contributed to.
    The State Pension is a safety net to provide an income in retirement for people. It’s bad enough that with the cost of living and everything else that it can’t sustain (in most cases) peoples way of life. Would people be willing to increase, maybe even double their contributions to achieve better benefits? I very much doubt it.

  3. More morons not seeing further than the next Black Friday. Encourage saving? Now that IS a challenge.

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