State Pension to Be Raised

The Work and Pensions Secretary Iain Duncan Smith today (27/05/2010) announced that he is considering an arrangement whereby the state retirement age is linked to increases in longevity. A similar scheme currently operates in Denmark.

The state pension age is due to rise to 66 between 2024 and 2026 with two further increase scheduled at 10 year intervals to take it to 68 by 2046. The Government announced in the Queens speech that they intend to review this timetable as it may not be quick enough, especially in the current economic climate.

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