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Pension age 'may rise quicker than expected'

Pension age 'may rise quicker than expected'A human resources consultancy has today (May 26th) said that the state pension age may rise quicker than was expected following yesterday's Queen's speech.

According to Towers Watson, the inclusion of a Pensions Bill in the speech could mean that the current timetable for altering the scheduled increase on the state pension age is changed, but it will still not rise above the age of 65 until 2020 for women and 2016 for men.

The government has effectively pledged to revise the legislation passed by its predecessor, which is almost certain to now be largely scrapped.

John Ball of Towers Watson said: "While attention has focused on how soon the state pension age will rise to 66, the bigger question is what happens afterwards.

"Rather than rising to 68 by 2046, we could see it going up further and faster."

The default retirement age if 65 formed a large part of the three major political parties' electioneering prior to the general election on May 6th.

While the incumbent government at the time, Labour, promised to review the legislation should they be re-elected, both the Conservatives and the Liberal Democrats pledged to scrap it altogether.

Posted by James Strang
Sept 19, 2013 by Nick Chief Executive Charity

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