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  1. #1
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    UK state pension age 'could hit 70'

    BBC NEWS | Business | State pension age 'could hit 70'

    David Norgrove: "People are going to have to work longer"
    The state pension retirement age could be heading for 70, the UK's pensions regulator has told the BBC. STATE PENSIONS
    Currently, pensionable age is 60 for women, 65 for men
    For both sexes, that will rise to 66 in 2024, to 67 in 2034 and to 68 in 2044
    The time it takes to qualify for a full basic state pension will be cut to 30 years
    From 2012, people will be automatically enrolled in a low-cost, opt-out national savings scheme
    David Norgrove said rising life expectancy meant millions of people would "undoubtedly" have to wait longer in future to draw a state pension.
    People will not save as much for retirement as in the past, with many people "frightened" to do so, he said.
    The state pension age is due to rise progressively to 68, but Mr Norgrove said he thought it would end up higher.
    Government debt
    Currently, the state pension age is 60 for women and 65 for men, but four years ago Lord Turner published a report calling for it to rise to 68 for everyone by 2044.
    Mr Norgrove said: "People are going to have to work longer, partly because we're not going, as a nation, to save as much for retirement as we did in the past."
    He added: "The government's recent legislation is increasing the state retirement age progressively to 68. I think it will end up higher than that."
    He said the ability of the current working generation to pay for the retirement of its predecessor would be "a real issue for the next 30 years", not least because of a lack of knowledge among the public about how to save.
    "The evidence is that people generally are frightened of saving for pensions," he said.
    "They think that pensions are very complicated. Actually, pensions in many ways are quite simple. Once you've made the initial decision you can let it run."
    With life expectancy rising each year, many people argue that the government simply cannot afford to maintain state benefits at their current levels.
    Any potential shortfall has come sharply into focus following the massive increase in government debt amid the financial crisis, during which it has spent billions of pounds trying to boost the UK economy.
    Experts say people will have to rely far more on company and private pensions arrangements in the future.
    As part of his pensions review, Lord Turner called for employees to be enrolled automatically in their company's pension scheme to encourage more people to save for their retirement.
    However, Mr Norgrove warned that generous company pension schemes, such as final salary arrangements, were in "long-term decline", partly because government rules had made them too expensive for businesses to run.
    But he said: "I think there's a good chance that we'll see a core of companies continuing to offer final salary schemes, particularly big companies."
    Deficits
    Earlier this week, figures from consultant Lane Clarke & Peacock showed that Britain's leading companies have seen their pension schemes plummet in value over the past year.
    It said firms listed in the FTSE 100 index now had a combined deficit of 96bn, the largest on record.

    This compared with a 41bn deficit in mid-July 2008 and a surplus of 12bn in the same month of 2007.
    Just as the government may struggle to keep paying state pensions, some companies already say they can no longer afford to pay out.
    Earlier this month American Express announced that it had suspended pension contributions for all its UK employees for the next 18 months, saying payments had become unaffordable.
    But Mr Norgrove said he expected the impact of the economic downturn on the majority of pension schemes to be "manageable".
    "Inevitably, in a serious recession, we're going to see more companies going insolvent, but I don't think at the moment we see this as a crisis," he said.
    "The good thing about pension schemes is that, by and large, they're a very slow matter. This isn't like the banking system that can collapse overnight.
    "Generally speaking, if the sponsoring company stays in business there's time to work this out."

    STATE PENSIONS
    Currently, pensionable age is 60 for women, 65 for men
    For both sexes, that will rise to 66 in 2024, to 67 in 2034 and to 68 in 2044
    The time it takes to qualify for a full basic state pension will be cut to 30 years
    From 2012, people will be automatically enrolled in a low-cost, opt-out national savings scheme

    Well thanks very much Brown for screwing-up everyone's pension you cvnt, of cause this 'aint going to affect you, MP's or government employees is it?

  2. #2
    loob lor geezer
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    Re our future pensions ........ expect nothing and you won't be disappointed.

  3. #3
    Gohills flip-flops wearer
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    Quote Originally Posted by Fuzzy Bob
    Mr Norgrove said: "People are going to have to work longer
    Note. He didn't say "we".

  4. #4
    Thailand Expat
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    Why aren't women treated equally in this case? ie they should also be allowed state pension when they get to 65 and not bloody 60, just making things equal would solve some of the problem for the near future.

  5. #5
    Mid
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    ^

    duck , lilly be along to sort you out soon

  6. #6
    Dan
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    Sorry. The last 30 years of governments have spunked all their money on tax cuts and bailouts.

    Why aren't women treated equally in this case? ie they should also be allowed state pension when they get to 65 and not bloody 60, just making things equal would solve some of the problem for the near future.
    Maybe it's compensation for the fact that they get paid less.

  7. #7
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    No shock really, my dad is 69 this year and has only just decided to semi-retire. I know quite a few people over 65 who are still working, a lot not by choice either.

  8. #8
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    Quote Originally Posted by Dan
    Maybe it's compensation for the fact that they get paid less.
    Huh? Are you saying female brick layers in the UK get paid less than male brick layers?
    Or are you saying they choose to do jobs that pay less?

  9. #9
    Dan
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    Women doing the same job as men get paid, on average, something like 20% less.

  10. #10
    pompeybloke
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    Quote Originally Posted by dirtydog View Post
    Why aren't women treated equally in this case? ie they should also be allowed state pension when they get to 65 and not bloody 60, just making things equal would solve some of the problem for the near future.
    An anomoly and a bloody cheek it is; women live longer too.

    So for most of the Brits posting here it'll be 67 or 68 then.

  11. #11
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    That used to be illegal when I was last in the UK, if it was legal then most companies would opt to employ women because of the considerable savings.

    Quote Originally Posted by Dan View Post
    Women doing the same job as men get paid, on average, something like 20% less.

  12. #12
    Dan
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    As is the case with pretty much every law that's ever been passed, being illegal doesn't stop people doing it.

  13. #13
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    The inevitable collapse of another pyramid scheme. I suspect the American Social Security System is not far behind on it's way down the toilet.

  14. #14
    pompeybloke
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    I was back in the Uk this past April and completed a voluntary contribution non-resident form, signed the 2 pound 50 DD form and posted it off to them in Newcastle: heard nowt. Flying back again on Tuesday and am weighing up the option of not bothering to chase it up. 30 years of contributions needed to qualify, have about 8 or so years payments behind me, am 46 now so would be spot on if I started again now.

    Straight gamble innit? worth it if still alive come retirement age..90 odd quis a week as opposed to 60 odd quid income support (Assuming you live there)

  15. #15
    or TizYou?
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    Quote Originally Posted by dirtydog View Post
    Why aren't women treated equally in this case? ie they should also be allowed state pension when they get to 65 and not bloody 60, just making things equal would solve some of the problem for the near future.
    Actually it should be reversed. The women are going to out live the men by 5 years or so anyway, so they'll be sucking the pension longer.

  16. #16
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    I've been banging away paying superannuation since I've been 21.

    At the time I thought it was foked as that money could of been spent on women, wine, mull and Lager.

    When I retire in a few years it will all come back to daddy and thank fok I don't have to rely on a government pension.

    Actually I'm very happy to say they can bash there pension up there arse as I wont be needing or relying on it.

    Thank you very much punting friends.
    Stroller is a Yerman faggot.

  17. #17
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    "Firms listed in the FTSE 100 have a combined pension fund deficit of 96bn pounds."That is just chicken feed after paying 1.4 trillion to the banks to dig them out.

  18. #18
    Member lysander's Avatar
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    Quote Originally Posted by dirtydog View Post
    Why aren't women treated equally in this case? ie they should also be allowed state pension when they get to 65 and not bloody 60, just making things equal would solve some of the problem for the near future.
    They will be:

    "STATE PENSIONS
    Currently, pensionable age is 60 for women, 65 for men
    For both sexes, that will rise to 66 in 2024, to 67 in 2034 and to 68 in 2044 "

  19. #19
    RIP
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    Quote Originally Posted by dirtydog
    Why aren't women treated equally in this case? ie they should also be allowed state pension when they get to 65 and not bloody 60, just making things equal would solve some of the problem for the near future.
    DD the womens pensionable age will start to rise from 2010 with it reaching parity with men in 2020

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