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Many May Be Working Into Their 70's
Author : Simon Macsis
Currently, employers can get rid of staff when they reach the age of 65, but that could be changed under Government plans to help deal with an ageing population.
From 2016, the state pension age for men is also set to rise to 66 - nearly 10 years earlier than the last Government was planning.
As the country grapples with ever-increasing life expectancy, ministers are to also raise the possibility of extending the pension age to 70.
Iain Duncan Smith, the Work and Pensions Secretary, said the new policies were intended to "reinvigorate retirement".
He said: "Now is absolutely the right time to live up to our responsibility to reform our outdated pension system and to take action where the previous government failed to do so."
Millions of workers who are not saving for retirement face being enrolled in company schemes unless they opt out under the plans. Just over a third of people are thought to be currently saving into a private pension.
Michelle Mitchell, Age UK's Charity Director, said: "The coalition must not make any rash decisions about the future of our pensions system. Before rushing through any increase to state pension age, the government must first reduce the health inequalities between rich and poor, and create a much fairer job market for older people. Failure to do so will force millions of older people, many of them poorer and with lower life expectancies, to work for longer or face another year trapped in unemployed limbo.
"Any review into bringing forward the state pension age increase must take into account the full impact on these workers. Clearly there are huge challenges ahead for the new government but now is the time to renew the fight against pensioner poverty and commit to eradicating it once and for all."
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Learn more on pension credit at Age UK online. View original news here: Many May Be Working Into Their 70s
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Submitted : 2010-06-28 Word Count : 323 Popularity: 97 Times Viewed: 13
