View more on these topics

‘Retirement age will go beyond 68’

The Pensions Regulator chairman David Norgrove has predicted that the state pension retirement age in the UK will have to increase further than 68.

At present, the state pension age is 60 for women and 65 for men. It is set to rise to 68 for everyone by 2044 following proposals by Lord Adair Turner four years ago.

But, speaking to the BBC, Norgrove said that longevity was increasing so rapidly that millions of people would probably have to wait longer to draw a state pension.

He said: “The Government’s recent legislation is increasing the state retirement age progressively to 68. I think it will end up higher than that.”

But pensions minister Angela Eagle says: “We have absolutely no plans to make further changes to state pension age.”

Legal & General wealth policy director Adrian Boulding believes an increase beyond 68 may not save the Government any money.

He says: “If you set it as high as 70, then you risk pushing a lot of people in their late sixties into some form of disability benefit instead, so arguably setting it too high does not actually save the country anything.

“It is also too soon to be talking about increasing the state pension age further because we are nowhere near implementing the previous changes.”

Recommended

1

FSA to back down on bankers’ pay code

The FSA has softened its proposals on the structure of bankers’ bonuses in order to ensure the UK remains a competitive jurisdiction, according to the Financial Times.

6

‘Insufficient case’ for long stop

The legal adviser to the joint committee on human rights has found that the lack of a 15-year long stop for financial advisers is not “sufficiently significant” for the committee to pursue.

Brexit: what to expect in the aftermath

James Dowey, Chief economist & CIO In these very early stages following the “Leave” win any prognosis is by its nature highly tentative. It will be weeks before we are able to measure the acute impact of the result on the UK economy, and there are clearly no close historical parallels on which to base […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com