Conservative party plans increase in state pension age
The Conservative party has tonight announced plans to increase the state pension age from 65 to 66 years. If the party gains power at the next general election they would increase the state pension age from 2016 onwards as a way to combat the growing national debt in the UK. The announcement will be officially unveiled by George Osborne at tomorrow's party conference in a move which could save the UK government up to £13 billion a year.
These proposed changes by the Conservative party would address the issue of national debt and pensions much earlier than the government, which has announced plans to increase the state pension age from 65 to 68 via a gradual process between 2024 and 2046. At the same time both the Labour Party and the Conservative party have both agreed to link future state pension payments to earnings, a link which was taken away some time ago and has been highly controversial.
Balancing the need to address the national debt, budget deficit and pension issues in the UK is not a simple process by any means. While both parties have differing attitudes to these particular issues and different plans for the future, there is no simple solution and no magic wand.
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