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Could you be forced to retire with no pension?

Yesterday the UK government announced plans to increase the retirement age for men to 66 by 2016 with women following suit by 2020. However, there is a growing concern that many employees could find themselves forced into retirement prior to their 66th birthday which could see them out of a job but with no state pension.

A number of experts have mentioned the construction industry as a potential problem area because many workers will find it difficult to continue above 60 years of age. These are very physically demanding jobs which can take their toll on the body and shorten the traditional employment life. There may be legal challenges both from employees and employers and the UK government could be left in a very tricky situation and inadvertently place yet more pressure on the benefits system.

While many people are of the opinion that the UK pension industry and the state pension system have been in need of significant change for some time it will take a while for these proposals from the UK government to bed down. There's even talk of a further increase in the future which could see the UK retirement age pushed towards 70 years of age!

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