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Do you envy the prospect of working into your 70s?

The Pensions Regulator has today put the cat amongst the pigeons with a suggestion that the UK retirement age should be increased into the 70s. Currently women retire at 60 and men at 65 although there are plans to increase this to 68 for both sexes by 2046. However David Norgrove, the Pensions Regulator, has suggested that the vast majority of the future UK workers will need to work into their 70s in order for the state to avoid a pensions funding crisis.

The problem with the state pension has been building for many years even though the real value of the pension has been falling for some years. With more and more people living longer and longer a growing amount of tax income is going towards pension payments. This could not have come at a worse time with the UK government under pressure for the way pensioners are being treated in UK and a general election on the way.

As we have mentioned are numerous occasions, the state pension is not an income stream on which you can rely upon for the future. Despite the fact that the government is still happy to run gold plated final salary pension schemes for all UK public sector workers, it seems the same privilege is not being given to pensioners.

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