by Paul Northmore, Managing Director
While George Osborne
tells us “The plan is working,” the fact facing many of us is that we ourselves
will be working longer than expected before we receive a state pension.
The headline
implications of this year’s Autumn Statement are that those now in their 40s
will need to work until 68 to get the state pension, and those currently in their
30s will have to wait until age 69. And
who knows if the pension age will rise yet further in years to come?
It’s an inevitable
outcome for an aging population the country can’t afford to fund. And it’s compounded by the fact that those
starting work today typically do so at about 21, six years later than the
typical age when the pension model was first established – so the system is
losing out on a lot of NI contributions.
