Friday, July 03, 2009

Pension Age Should Be Raised

Lord Adair Turner (Chairman of the FSA) has called for the state pension age to be raised to 70.

In 2005 he wrote a report on pensions that has led to the incremental rise in the pension age from 65 to 68 by 2044.

Turner now, belatedly, realises that this is too little too late.

Politically this will be rather "difficult" to push through. However, if one were to take the emotion out of the argument, given that the UK state pension is absolutely pathetic there is little money being given up by deferring retirement by a few years.

Aon reports that British pensioners are being paid just 17% of their average earnings as pension, compared to the European average of 57%.

Unsurprisingly the unions state that they will oppose this suggestion.

What precisely then is their solution to Britain's pension black hole?

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