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ACA says retirement age should rise

The Association of Consulting Actuaries says tax increases are on the way as all the main political parties are shying away from the need to raise the state pension age.

The ACA says state retirement age is an issue where the public has the right to expect parties to be transparent about their plans.

The ACA review is also sceptical about what will be achieved by current political proposals such as auto enrolment, additional member-nominated trustees and kite marking of schemes, without more radical measures to encourage firms to run pension arrangements.

ACA chairman Adrian Waddingham says: “The prospects do not look good for those retiring in 20 years time. Politicians should be looking far beyond the life of one parliament to address the pensions problems.”

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I am what many would describe as very comfortably off and have recently married for the second time. While I love my wife very much, she is younger than I am and is likely to survive me. Following my death, I would want my wife to be comfortable and continue to live in our house, which is in my sole name. However, I am conscious that should she inherit my estate and subsequently remarry, my estate could be diverted away from my two grown-up children, who I would like to be my ultimate beneficiaries. What steps could I take to protect my children’s inheritance while ensuring that my wife will be looked after?

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