Thursday, March 24, 2011

Younger Staff Will work to 80 Under Pension Link to Rising Lifespans

Mr Osborne said it would no longer be “affordable” to provide an adequate state pension when most people could retire at the relatively young age of 65 or earlier.

In future, he said, regular, independent reviews should establish longevity rates, which would then be used to decide the state pension age.

Retirement for millions of public sector employees is due to be linked to the state pension age by the end of the current parliament, so the move will affect a significant proportion of the workforce. Longevity is rising at a rate of seven months every year, meaning that, under the proposal, employees in their twenties, thirties and forties could find themselves working beyond their 75th or even 80th birthday.'


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