Tories plan early hike in pension age

Katrina Lloyd
clock

Shadow chancellor George Osborne will today announce plans to raise the state pension age from 65 to 66 for men from 2016 if the Tories win the next election.

The move will help tackle UK debts with the change saving £13bn a year from the budget deficit, according to the Conservatives. Osborne has also not ruled out a rise in the pension age for women towards 66. Under the government's existing plans, the state pension age will rise gradually from 65 to 68 between 2024 to 2046. Bringing the move forward would mean many more people than previously expected, particularly those aged between 49 and 59, would have to work a year longer before qualifying for a state pension, the BBC reports. The government is currently intending to equalise...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Tyndall Partnerships head Sullivan on bespoke empowerment

Tyndall Partnerships head Sullivan on bespoke empowerment

‘No two IFAs invest in the same suite of models’

Isabel Baxter
clock 09 December 2024 • 4 min read
Smoothed funds set to be a 'bigger asset class for the advice market'

Smoothed funds set to be a 'bigger asset class for the advice market'

‘An attractive low-risk solution for retirees’

Isabel Baxter
clock 25 November 2024 • 3 min read
Advisers no longer see inflation as a major concern

Advisers no longer see inflation as a major concern

Funds offering a level of inflation protection were the last research, Square Mile finds

Isabel Baxter
clock 22 October 2024 • 4 min read