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Is it fair to change the retirement age for those in employment?

A report by PwC has recommended that the UK government increase the state pension age to 70 from the current level of 65 for men and 60 for women. However, those who are currently in employment and have paid their taxes since day one are effectively seeing the goalposts moved and their working lives extended by anything up to 10 years. Is this fair?

The problem with the UK pension system is the fact that the population as a whole is growing older and care for the elderly is becoming more and more expensive. When you take these two factors into consideration we have seen a massive increase in funding requirements for the state pension and benefits for those in later life. Quite frankly the UK tax system is unable to support these changes and unfortunately it looks almost inevitable that the recommended state pension age of 70 will come in at some stage.

Whether this case of moving the goalposts at a late stage for those nearing retirement is fair or not is a matter for debate but one which ultimately pales into insignificance when you consider the pressure an ageing population is placing on the state benefit system.

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