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PwC advises pension age should be increased to 70

A report on the UK pension sector by PwC has advised the UK government to increase the state pension age to 70 years by 2046. This goes further than the UK government's current plans which will see the pension age in the UK increased to 68 by 2046. Currently the retirement age in UK is 65 for men and 60 for women although the retirement age for women is set to increase to 65 in the short term. So what does this all mean?

Basically this is the next stage in tackling the ever-growing UK problem of care for the elderly and an ageing population which is placing more and more pressure on the benefits system. By simply increasing the state pension age this will reduce funding requirements for the state pension and other benefits associated with care for the elderly. To compare the PwC suggestion of an increase in the retirement age to 70, this would be the equivalent of increasing income tax by two pence or adding two percentage points to the rate of VAT.

It will be interesting to see if the UK government takes any notice of this report by PwC because while progress has been made with regards to UK pension liabilities for the future, there is still much work to be done.

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