Pension age may go up AGAIN, forcing Britons to work into their 70s, warn IMF economists
- The International Monetary Fund called for sweeping changes in the system
- It warned that the UK was not making enough provision for health and pensions
- Currently the majority of men and women qualify for a state pension at age of 65
Britons could be forced to work even longer before qualifying for the state pension, global experts have warned.
The International Monetary Fund called for sweeping changes in the system to recognise that people are now living longer.
It warned the UK was not making enough provision for health and pensions in the future.
The International Monetary Fund has called for sweeping changes in the system, warning that the UK was not making enough provision for health and pensions in the future
Currently the majority of men and women qualify for a state pension at 65 but that is due to rise to 66 by 2020 and then 67 by 2028.
However, the IMF warned further increases may be required – raising the prospect that Britons will have to work into their 70s before retiring.
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IMF economists also urged the Government to end the ‘triple lock’ on state pension rises put in place by the Coalition in 2010.
Under the triple lock, pensions are increased annually by either 2.5 per cent, the equivalent of average earnings or the consumer prices index measure of inflation – whichever is the biggest.
A critic to the proposal, former pensions minister Baroness Altmann said: ‘I do not agree that simply pushing up the state pension age further and further is an appropriate way to deal with demographic challenges’
Critics have warned that changes to the pension age may be unfair.
Former pensions minister Baroness Altmann said: ‘I do not agree that simply pushing up the state pension age further and further is an appropriate way to deal with demographic challenges.’
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