UK government accused of raising pension age too quickly

The National Association of Pension Funds has today stepped into the mix to suggest that the UK government is being "too hasty" with regards to proposals to increase the state pension age for men to 66 years of age from 2016. The Association believes the government should look to equalise the state pension age for men and women to 66 years of age from 2020 in order to give those in their mid-50s more time to rearrange their assets to take account of future pension age changes.

Pension investments are by their very definition long-term investments and any advice taken from a professional advisor should be on a long-term basis with your long-term position in mind. Any change in the pension age will impact upon your return, premiums and ultimately how much you will need in your pension fund to finance a specific standard of living. These are not issues which can be addressed overnight and perhaps the UK government has been a little hasty in attempting to push through what are major changes to the UK pension industry in double quick time.

Many people fall into the trap of addressing their pension fund arrangements in later years when effectively, assuming you have sufficient funds to do so, you can begin a relatively small pension arrangement in your younger years.