back 30th Mar 2015
Does when you retire impact how long you live?Does retirement have a significant effect on peoples' social and emotional health? And should there be better structures to keep older people in work longer?
Peter Knight joins Beverley Turner live on LBC Radio to give his assessment. Listen to an edited version at http://www.pkrlondon.com/
The state pension age is currently 65 for men and 62 for women. The latter will keep steadily rising every few months and equalise at 65 for men and women in 2018. It will then increase every few months, reaching 66 by 2020. The next planned increase, towards age 67, will start in 2026 and conclude in 2028.
So anyone aged 59 or under will face a retirement age of between 65 and 66. Those under 53 will have to wait until age 66 at least. Finally, those 52 and under will take a pension no earlier than age 67. Beyond that, the Labour government set a date of 2046 for the rise to 68 but the Coalition has set out plans, yet to be approved, to do this 10 years sooner.
The move to 69 will also be accelerated, probably to 2049, the Chancellor, George Osborne, announced in the Autumn Statement in December 2013. Previous predictions, put together for The Telegraph by pensions consultants Towers Watson, suggest those aged 47 and under will be affected.
The exact pace of the rises is yet to be passed as law. The Chancellor has said the payout should last “a third of adult life” (beginning from age 20), which could hold back future increases. At least ten years’ notice will be provided and changes will be phased in over two years each time.
The rate at which British life expectancy is rising has slowed. While there were sharp improvements in mortality in 2011, there was a lag in 2012 and early 2013. This is important, as the Government has said it will monitor life expectancy and make adjustments to the state pension age accordingly.