Retirement age set to rise to 67
WORKERS currently under the age of 50 may not be able to retire until they are 67, a new report revealed today.Recommendations by the Pension's Commission suggest the retirement age is raised from 65 to 67 in order to ensure that people are given a more generous state pension.
WORKERS currently under the age of 50 may not be able to retire until they are 67, a new report revealed today.
Recommendations by the Pension's Commission suggest the retirement age is raised from 65 to 67 in order to ensure that people are given a more generous state pension.
A Suffolk business leader today expressed his concern at the strain this could put on smaller businesses.
Bob Feltwell, chief executive of the Suffolk Chamber of Commerce, said: “There should not be an obligation on employers to comply with a range of laws once people are over 65, when their skills and technical abilities are diminishing.
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“It is not fair on small businesses to have to continue employing people up to the age of 67 if they are not efficient, because we have to compete in a global market.
“It's not ageist. It's too do with the skills and abilities of people.”
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He also voiced his concern at the gap between private and public sector companies, where the current retirement age is 60.
He said: “The government has failed to increase the pension age for public sector workers.
“That needs to be addressed as a matter of urgency.
“At the moment the private sector is paying for those in the public sector to have an early retirement.”
The commission's report was leaked in a national newspaper yesterday, but will not be officially published until November 30.
Other expected recommendations include a new national savings plan in which people will automatically be enrolled when they start a job, with the right to opt out.
The state pension should also be closer to the £109-a-week means-tested minimum income guarantee rather than an £80-a-week basic state pension.
The pension should rise in line with earnings, not just prices, and the changes will be phased in after 2020.