In an interview with The Spectator, Duncan Smith says he wants to “get rid of this statutory retirement age, which is a ridiculous nonsense, because people are goig to have to work longer. It is absolutely impreative to start moving that retirement age up”.
Smith adds that linking retirement age to longevity is what governments should be moving towards. He says: “Ultimately governments should head to that sort of process which is rather like the link between benefits and RPI inflation.”
This means a 20 year old would retire in 2060 at the earliest, as current trends suggest he or she would live until 90.
The Government has already begun a review into reaising the retirement age to 66 not sooner than 2016 for men and 2020 for women.