Following on from Nero's Proposed later reirement age thread...

How many people who are currently under 60 have realised that not only is the retirement age for women being increased (Women born between 6th April 1950 and 5th April 1955 will have a State Pension Age which gradually rises from 60 to 65) BUT in line with this the age at which Pension Credit, free prescriptions, and free bus pass is also being increased at the same rate.

This has some pretty dramitic effects on many people who up to April this year would have been able to claim £132.60 for a single person or £202.40 for a couple. Instead anyone born after April 1950 will have to exist on £65.45 or £102.75 for a couple!

When the Pension credit (formerly Supplementary Benefit) was introduced the age was set at 60 for two reasons:

Firstly to prevent any further challenges through the Courts regarding sex discrimination

Secondly because there was an acknowledgement that it was almost impossible for anyone over 60 to get a job.

Now correct me if I'm wrong but the fact that the female retirement age has increased certainly doesn't make it any easier to gain emplyment.

What the Government is doing is potentially increasing the number of people living in poverty by a massive number over a five year period.

Oh and don't balme the current regime or Gordon Brown, or Tony Blair. It's not even John Majors fault - The blame for this deferred legislation lies purely with Margaret Thatcher!

What amazes me is the total indifference to this whole issue. Perhaps no-one knows or cares? That so called 'campaigning organisation' Age UK are more interested in campaigning for the abolition of the retirement age than anything else (If anyone wants the emails from them please ask!). OK if someone wants to work till they drop then fine but compulsion is another matter!

Any thoughts before I declare a revolution?

Re: Following on from Nero's Proposed later reirement age thread...

Can you please explain how this problem was Maggies fault?

Following the passage of the Old Age Pensions Act 1908. The qualifying age was 70, and the pensions were subject to a means test.

The "Old Age Pension" was introduced in the United Kingdom (including Ireland) in January 1909.

Graduated pension ran from 6 April 1961 until 5 April 1975.

SERPS ran from 6 April 1978 to 5 April 2002.

S2P was introduced on 6 April 2002. As with SERPS, the level of pension payable is related to the recipients earnings via their National Insurance contributions.

Unlike the Basic State Pension, participation in the Additional Pension schemes is voluntary. Those who do not wish to participate can contract out.

UK occupational pension schemes are typically jointly funded by the employer and the employees. These are called "contributory pension schemes" since the employee contributes - typically something in the region of 6% of salary, tax free.

OR. you can read the history of pensions here:-
http://www.incipit.co.uk/pages/pension-history.php

Re: Following on from Nero's Proposed later reirement age thread...

It might be that Maggie linked Pensions to the RPI and not wages

One interesting fact is since the Election of the blessed Maggie... life expectancy has increased by 6 years.

Re: Following on from Nero's Proposed later reirement age thread...

I thought the prime reason for increasing the age at which retirement pensions are paid to both men and women was not just one of equality, but more importantly has a lot to do with the fact that most of us are living a lot longer - there is also a population bulge and a large proportion of the population is now becoming elderly. The working population have to pay for the o.a.p's. and the Government of the day will find it difficult to meet the bills (health in particular). I may be wrong but I believe that this is a hard, cold fact.

There will be problems with this, but I think the Government (whoever is in power) have very difficult decisions to make in these areas. I agree it is very dissapointing when people look forward to finishing work at 60/65 and then find they have it snatched away. It is also devastating to become out of work in your late fifties and have to find a job which is not likely to be as good as the one lost (and we know because my husband was in exactly the same situation). Personally, I think, if you can get a job, I don't see anything wrong with someone who is able to work doing so after 60/65 - even 70. It is probably not going to be the job you would want and adaptation is essential, but I know I could walk down the road and get a job tomorrow, albeit part-time and low paid, but I would do so if I had to.

Re: Following on from Nero's Proposed later reirement age thread...

I dread to think what it's going to be like in years to come - I hope someone comes along and sorts it out tho :-/