If you’re feeling a bit lost and confused about about exactly what is going on with pensions in the UK you’re in the right place. link to details on age entitlement In this video I wanted to summarise the current situation as it stands today for the state pension The state pension age is currently 66. So if you are 64 today, you will be entitled to the state pension from the age of 66. If you are born after 5 April 1960, making you 63 or younger right now, you are part of the phased increase in SPA to 67. The increase, to 68, is not due to happen until between 2044 and 2046. I recently made a video about discussion around bringing forward the increase in pension age to 68 increase in state pension age to 68 is being brought forward. The announcement confirming this change was anticipated to happen in May 2023. The Treasury wanted the change to 68 to come in as early as 2035 – affecting you if you are 54 and under today. Some reports have talked about the change possibly taking effect in 2034 so that’s if you are under 53 today. However a report in the Financial Times this week suggests that the government have now decided to leave the increase to 68 where is stands - that is it will effect you if you are 46 or under today Now the government have decided to push the decision to beyond next year’s general election. The reason for this kicking the can down the road appears to be because they are afraid of backlash. timestamps 0:00 the current state pension age 0:53 this week's update in the FT 1:16 protests in france 2:01 life expectancy 3:03 gender equality and the state pension 4:16 the current state pension payout 5:25 the moving goalposts...(read more)
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The UK Government has recently made a U-turn on their previous decision to increase the state pension age from 66 to 67 by 2028. The decision, which was announced in 2011, was intended to address the increasing life expectancy of the UK population and the rising cost of funding state pensions. However, it was met with significant opposition from those nearing retirement age who had not had enough time to prepare for the change, particularly women born in the 1950s who claimed they had been unfairly affected by the increase. As a result of the backlash, in 2019 the UK Government commissioned a review into the state pension age by Sir John Cridland. The report recommended a more gradual increase in the pension age, which would reach 68 by 2039. However, on 15th July 2020, the UK Government announced that they would not be following this recommendation and instead, will keep the state pension age at 66 until 2026 before increasing it to 67 between 2026 and 2028. They have also committed to review the state pension age every five years to ensure that it remains fair and sustainable for the future. The decision has been welcomed by many, particularly those who were due to be affected by the previous increase. Women’s campaign groups, in particular, have hailed it as a victory for their cause, claiming that the increase disproportionately affected them and resulted in thousands of women being left without enough time to prepare for retirement. However, not everyone is happy with the decision. Critics argue that it is a short-term solution to a long-term problem and that the state pension age will need to increase further in the future if the UK's ageing population is to be adequately supported. Others also argue that the government’s commitment to reviewing the state pension age every five years is not enough and that a more long-term solution is needed to ensure that the UK’s pensions system remains sustainable in the future. Overall, the U-turn on the state pension age increase is a welcome relief for many who were due to be affected by the change. However, with an ageing population and ongoing economic uncertainty, the UK Government will need to continue to carefully consider the best way to support retired citizens in the long-term. https://inflationprotection.org/uk-state-pension-entitlement-update-u-turn-on-pension-age-increase/?feed_id=105897&_unique_id=64830b76e0929 #Inflation #Retirement #GoldIRA #Wealth #Investing #careergrowth #DianneSullivan #personalfinance #personalgrowth #thegrowthwriter #RetirementPension #careergrowth #DianneSullivan #personalfinance #personalgrowth #thegrowthwriter
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