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Old 10-20-2009, 05:54 AM
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Mary Pat Campbell
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Join Date: Nov 2003
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Advocacy piece from UK to raise retirement age to 70
http://www.freshbusinessthinking.com/news.php?NID=2290

Quote:
The paper proposes 4 fundamental changes:

- In the face of greatly increased longevity, the state pension age should rise to 70 as soon as reasonably practical
- The State second pension should be abolished, together with most means tested state retirement benefits
- The savings made should be diverted to the provision of a universal Basic State Pension probably above the level we see today topped up by Pension Credit
- The current private pension saving regime does not meet 21st Century needs and should be replaced.

Commenting on the report, Graeme Leach, Chief Economist at the IoD, said:

"Radical simplification is needed. Startling increases in longevity in recent decades also mean that it is unrealistic to expect to be able to fund a potential 25 to 30 year retirement from an effective 30 to 35 year working life. New approaches are needed to recognise this reality. The whole area of retirement needs to be looked at holistically, including how we fund the care needs which will come with increasing longevity. We need a state and private retirement system fit for the 21st Century. This is a policy journey which needs to begin now."
Another link on same story:
http://news.bbc.co.uk/2/hi/business/8314621.stm
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Last edited by campbell; 10-20-2009 at 06:00 AM..
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