Forties People

The Liberal Democrats have announced plans to scrap the default retirement age (DRA) should they be elected in the May 6th general election.

In its pre-election manifesto published today (April 14th), the party pledges to completely remove the DRA, which currently stands at 65, in order to "allow those who wish to continue in work to do so".

This follows on from the Conservatives' manifesto vow to also entirely abolish the DRA and Labour's promise to scrap the current DRA age of 65 after a review of the process later this year.

The party's manifesto also bears similarity with that of the Conservatives on other pension-related issues, such as ending the compulsory purchase of an annuity at age 75 in order to give people "control over their own pension".

Meanwhile, an immediate proposed increase in the income tax threshold to £10,000 would "save most pensioners £100 a year" and, in the future, the party also plans to introduce a citizen's pension which would be paid to all UK citizens who are long-term residents of the country.