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Will an increase in the pension age really make a difference?

Conservative Party proposals to increase the age of retirement in the UK to 66 years of age, but not before 2016, have received a mixed welcome across the country. However, while some people are concerned about the fact they will have to work longer before they receive their state pension, the harsh reality for many in the UK is that the state pension is no longer enough to live on and more and more people will actually be extending their working lives.

There is also the added investigation by the various authorities into the UK retirement system and the way in which many people are "forced" to retire and leave their employment with no redundancy payment. There have been a number of estimates regarding the potential savings the government could recoup by extending the pension age but these are very much open to debate. However, one thing is for sure, the UK retirement system is set for a serious overhaul over the next decade and we will see fundamental changes in the system as a whole.

It was also interesting to see that the Conservative party will be bringing forward a move to tie the state pension to the average increase in earnings, a link which was removed some time ago.

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