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The government should raise the pension age to 70, now! watch

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    The Tories said yesterday that they would delay increasing the pension age to 66 until 2016 for men and 2020 for women. The irritating sexism aside, I'm getting more annoyed that the generation who have milked the system for all it's worth are continuing to do so at our ever increasing expense.

    Given the state of public finances, the pension age is going to rise inexorably anyway, and as I see it, if I'm going to have wait to retire until 70, then so should the generation who got us into this mess in the first place.
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    I don't think either the Tories or Labour realise the state of the pension system. In 30 years, pensioners will make up one third of the population - and to try and give them all a state pension will require great tax increases, but there will still be a deficit. The best thing they can do is announce the abolition of state pensions in 20 years or so, and give those who are currently in employment a chance to save their own money for their pension.
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    Yes they should, but politcally its very difficult/impossible to do. I think they could be more agressive with the timings though.

    Public sector pensions need shaking up too (which can be done much more easily/quickly). Not let any more accumulation of Final Salary benefits and raise the contribution to the defined benefit scheme to a minimum of 5%.
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    I agree with you.
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    (Original post by Quady)
    Yes they should, but politcally its very difficult/impossible to do. I think they could be more agressive with the timings though.

    Public sector pensions need shaking up too (which can be done much more easily/quickly). Not let any more accumulation of Final Salary benefits and raise the contribution to the defined benefit scheme to 5%.
    Err.. it is already 6% in teaching.
    More homework required.
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    (Original post by Apagg)
    The Tories said yesterday that they would delay increasing the pension age to 66 until 2016 for men and 2020 for women. The irritating sexism aside, I'm getting more annoyed that the generation who have milked the system for all it's worth are continuing to do so at our ever increasing expense.

    Given the state of public finances, the pension age is going to rise inexorably anyway, and as I see it, if I'm going to have wait to retire until 70, then so should the generation who got us into this mess in the first place.
    The grey vote is already the biggest demographic. It is political suicide you suggest!
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    It's all about votes, they choose a date far enough into the future that the raised age won't bother those who it will affect. I think the current system is a bit perverse in forcing many people to retire at 65. I do think that if people want to work into their seventies they should be able to, providing they continue to work effectively.
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    (Original post by hypocriticaljap)
    Err.. it is already 6% in teaching.
    More homework required.
    Its 3.5% for me though.

    I'll update my post.
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    (Original post by jackmb)
    It's all about votes, they choose a date far enough into the future that the raised age won't bother those who it will affect. I think the current system is a bit perverse in forcing many people to retire at 65. I do think that if people want to work into their seventies they should be able to, providing they continue to work effectively.
    They already can, forced retirement on the grounds of age at 65 isn't legal anymore.
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    (Original post by hypocriticaljap)
    The grey vote is already the biggest demographic. It is political suicide you suggest!
    The group that loses out is that approaching retirement, say 50-65. The groups that benefit are pretty much everyone else because the tax burden will fall, and the younger groups would face a higher pension age in any event.
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    More people vote in the 50 - 65 bracket than all other age groups together. As I said political suicide.
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    I completely agree. 70 would be a much fairer and viable age (perhaps even raisded to 75 by 2020). As a nation, we are simply living too long for the current retirement age to be sustainable. When it was first introduced, life expectancy was significantly lower and so pensioners were not the drain on society that they have become in recent years.
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    (Original post by hypocriticaljap)
    More people vote in the 50 - 65 bracket than all other age groups together. As I said political suicide.
    Are you just pulling figures out of thin air?

    http://www.parliament.uk/commons/lib...3/rp03-059.pdf

    The 65+ group has the highest turnout rate, followed by 50-65, followed extremely closely by 45-54. 50-65 voters will be outnumbered in any given election.
    Whether or not each group would be motivated by the issue is another question of course.

    In any case, I don't care about political considerations. I said they should do it, not that they will.
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    Well those 'interested' parties will out vote the idiotic policies suggested by foolish youth.
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    (Original post by Apagg)
    The Tories said yesterday that they would delay increasing the pension age to 66 until 2016 for men and 2020 for women. The irritating sexism aside, I'm getting more annoyed that the generation who have milked the system for all it's worth are continuing to do so at our ever increasing expense.

    Given the state of public finances, the pension age is going to rise inexorably anyway, and as I see it, if I'm going to have wait to retire until 70, then so should the generation who got us into this mess in the first place.
    The biggest problem is the massive difference between public sector workers and those poor suckers in the private sector. How come a cop can retire at 44 after 25 years work on 90% of his final salary index linked for the rest of his life? It's preposterous. No wonder the rest of us will have to wait until we're 80!

    The public sector is bleeding the country dry.
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    (Original post by Olivia_Lightbulb)
    I completely agree. 70 would be a much fairer and viable age (perhaps even raisded to 75 by 2020). As a nation, we are simply living too long for the current retirement age to be sustainable. When it was first introduced, life expectancy was significantly lower and so pensioners were not the drain on society that they have become in recent years.
    Living longer for sure, but what about quality of life? Shouldn't retirement bring some enjoyment with it? What's the point of retiring at 75 as a geriatric?

    There's no need to increase the retirement age. The real need to to make the system fairer so we can all retire at 65 rather than having the public sector retire at 50 while the rest of us have to plough on until we're octogenarians.
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    (Original post by Howard)
    Living longer for sure, but what about quality of life? Shouldn't retirement bring some enjoyment with it? What's the point of retiring at 75 as a geriatric?

    There's no need to increase the retirement age. The real need to to make the system fairer so we can all retire at 65 rather than having the public sector retire at 50 while the rest of us have to plough on until we're octogenarians.
    It's not really a choice. The state pension scheme is not funded by accumulated savings, but rather direct transfer payments. This is predicated on there being a large and ever-increasing workforce. In reality the opposite is the case: the proportion of the population that is elderly is increasing, and the number of years they live after retirement is also increasing. The liability is rising much faster than the ability to pay for it.

    The state pension will bankrupt the country and be abolished. It is not a question of if, but when, and I wouldn't bet on anyone here ever seeing a penny from their National Insurance contributions.
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    (Original post by JakePearson)
    I don't think either the Tories or Labour realise the state of the pension system. In 30 years, pensioners will make up one third of the population - and to try and give them all a state pension will require great tax increases, but there will still be a deficit. The best thing they can do is announce the abolition of state pensions in 20 years or so, and give those who are currently in employment a chance to save their own money for their pension.
    Because that's the kind of small thing a government would overlook.... :facepalm:
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    (Original post by hypocriticaljap)
    Well those 'interested' parties will out vote the idiotic policies suggested by foolish youth.
    Maybe, maybe not. I like that you're providing arguments against the policy rather than using ad hominems. It's refreshing.
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    (Original post by Max Hinks)
    Because that's the kind of small thing a government would overlook.... :facepalm:
    Governments are pretty incompetent, so it is possible. More worryingly, though, with a 4 year electoral cycle it isn't in their interests to cause short term harm to make things better in the long term either way.
 
 
 
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