ICP070 - Rethinking the state pension age

In this episode of the Informed Choice Podcast, Martin talks about rethinking the state pension age. 

There is also a roundup of the latest personal finance news and an update from the world of Informed Choice.

Rethinking the state pension age

How old will you be before you get your state pension?

The government has launched a review into the state pension age and system. 

The review will be chaired by Sir John Cridland, the former head of the Low Pay Commission, and will assess whether the current pensions system is "affordable in the long-term".

You might have noticed the state pension age is changing.

A process of equalisation is taking place between men and women, with the pension age rising from 60 to 65 for women, and then rising again to 66 for men and women.

It is due to rise further in the future; to 67 between 2026 and 2028, and to 68 between 2044 and 2046.

Their is speculation the government review could result in an even higher state pension age as high as 75. We might even see the end of the "universal" state pension, with it instead based on occupation and region.

 

Personal finance news update

-Business leader John Longworth, head of the British Chambers of Commerce, has said the UK's long-term economic prospects could be "brighter" outside the European Union.

-Labour leader Jeremy Corbyn has called for reform of the banking industry and warned it not to treat customers as “cash cows”.

-The UK services sector recorded its weakest growth in nearly three years in February, according to a new survey.

-Strategists at Barclays believe the era of zero or negative interest rates could continue for several more years.

-US jobless claims rose unexpectedly last week, but the underlying trend still points to a strengthening labor market.

Martin and Informed Choice

Martin Bamford is a Chartered Financial Planner, Chartered Wealth Manager and SOLLA Accredited Later Life Adviser. As Managing Director of Informed Choice, the award-winning firm of Chartered Financial Planners in Surrey, he is responsible for nearly £200m of client assets.

Martin is the author of several bestselling personal finance books and produced his first feature-length documentary in 2014, about the post-war Baby Boomer generation in retirement.

“Bamford excels at making even the dullest topics interesting” – Pensions Management

Visit www.icfp.co.uk to find out more about Informed Choice, or follow us on Twitter at www.twitter.com/informedchoice.