e-Poll: Should the government scrap the retirement age?
A Government review of retirement age will take place a year earlier than planned, as pressure mounts to abolish compulsory retirement at 65. Pension experts said the move signals an end to the default retirement age. Ministers said they had brought the review forward to respond to changing demographic and economic circumstances.
The majority of people retire before 65, but 1.3 million people work beyond state pension age. Many more say they would if their employer permitted it. The unions welcomed the decision, with the TUC saying employers should not be able to sack someone simply for being too old. Employer groups were less happy, with the CBI saying default retirement age helps firms plan ahead “with more confidence”. We want to know what you think. Should employers be allowed to force workers to retire at 65 or should you be able to work as long as you want? Vote in our e-Poll below and have your say in the field below that.
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I want to retire at 50, please
Posted by: jp | 13 Jul 2009 21:31:01
If actuaries are calculating that it may be necessary to work and save until the age of 70 to accumulate enough money to live on until death, surely it is logical to permit people to work beyond 65 if they are mentally and physically capable of continuing to do so.
Posted by: Alan Reynolds | 14 Jul 2009 05:31:44
Why is this a problem? If you have paid into a pension scheme, and built up an annuity, surely this would pay a pension to whatever age.
I suppose the public sector will continue to scrounge off the private sector. That's probably why they want us to work longer, so they can still retire at 50 and 55.
NOT FAIR.
Posted by: Np | 14 Jul 2009 15:06:22
NP, you should have taken a Public Sector job then. But if you did take the early retirement option you lose 4% of your pension for each year before 60th bithday. Retire at 50 then 40% less pension.
Posted by: Francis | 15 Jul 2009 09:46:38
And what of the school leavers and the younger generation?
Currently 2.3 million unemployed and rising, more importantly however no real sign it will ever come down, letting people work till when they want is a nail in the coffin of the younger generation that might want a career or even a job.
This debate is really more about saving a government and certain MPs than the public good, set the national retirement age at 60 and generate some employment for the young.
UK PLC liabilities to the public sector have to be at the very least brought in line with the private sector (aka want a pension sort your own) and very soon or private sector taxes will have to rocket to fund them, that really would be a travesty for “Private Sector PLC”, lost your pension now chip in more for those on protected jobs and protected pensions.
Posted by: Peter | 16 Jul 2009 00:27:33
Of course i dont want to retire.
Over the years ive gained many skills and their being wasted.
Posted by: Graham | 16 Jul 2009 12:53:12
Who in gods name can afford to retire anyway after raising two children and paying off a morgage?
The only ones i know who can afford to retire comfortably are MP's annd 'Fat cats'
Posted by: Graham | 16 Jul 2009 12:56:09