{"id":19638,"date":"2019-09-19T09:53:07","date_gmt":"2019-09-19T09:53:07","guid":{"rendered":"https:\/\/smh.group\/?p=19638"},"modified":"2023-02-15T13:45:11","modified_gmt":"2023-02-15T13:45:11","slug":"how-do-you-feel-about-taking-a-pension-at-75","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/how-do-you-feel-about-taking-a-pension-at-75\/","title":{"rendered":"How do you feel about taking a pension at 75?"},"content":{"rendered":"\n

Is a state pension age (SPA) of 75 looking more likely? <\/strong><\/p>\n\n\n\n

Recommendation<\/strong><\/h3>\n\n\n\n

The SPA should better reflect the longer life expectancies that we now enjoy and be used to support the fiscal balance of the nation. The SPA in the UK is set to rise to 66 by 2020 (Pensions Act 2011), to 67 between 2026 and 2028 (State Pension Act 2014) and to 68 between 2044 and 2046 (State Pension Act 2007). We propose accelerating the SPA increase to 70 by 2028 and then 75 by 2035. <\/em><\/p>\n\n\n\n

The statement above in the report Ageing Confidently \u2013 Supporting an ageing\nworkforce<\/em>, released in August by the Centre for Social Justice (CSJ), is\nslightly misleading. A SPA of 68 is pencilled to be phased in between 2037 and\n2039. Further legislation will not be introduced until after another SPA review\nis completed, which, by coincidence, won\u2019t happen until after the next election\nis due. <\/p>\n\n\n\n

The CSJ is not a think tank that regularly makes the\nheadlines, but it does have a high-profile chairman \u2013 Iain Duncan Smith, the\nformer Conservative leader and former Secretary of State for Work &\nPensions. During that tenure he pushed through some of the SPA increases\noutlined above. With this in mind, the statement by the CSJ could be\ninterpreted as kite-flying on behalf of the Conservative government, just as\nthe Institute of Public Policy Research (IPPR) plays a similar role for the\nLabour Party.<\/p>\n\n\n\n

The CSJ\u2019s argument for raising SPA with such haste\nis financially driven. The report notes that at present there are 28.2\npensioners for every 100 people of working age, but by 2050 this is projected\nto increase to 48 per 100 \u2013 almost one pensioner for each two working age\nmembers of the population. As the state pension system is funded on a\npay-as-you-go basis, that jump has serious consequences even before the impact\nof rising healthcare costs is considered. Raising SPA to 75 by 2035 would keep\nthe ratio at between 20 and 25 per 100.<\/p>\n\n\n\n

Such a steep rise in SPA would be politically problematic as the ongoing protests and resulting court cases about increases in women\u2019s SPA prove. However, the CSJ\u2019s point about whether the current SPAs will continue to be affordable isn\u2019t going away. If nothing else, it\u2019s a reminder that supplementing the state pension with private provision is a surer path to a reliable retirement income.     <\/p>\n\n\n\n

To discuss your pension and retirement planning<\/a><\/span><\/strong> with our team of Chartered Financial Planners<\/a><\/span><\/strong> please drop us a line on 0114 266 4432<\/strong> or info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n\n\n\n

The value of your investment can go down as well as\nup and you may not get back the full amount you invested. Past performance is\nnot a reliable indicator of future performance. The value of tax reliefs\ndepends on your individual circumstances. <\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Is a state pension age (SPA) of 75 looking more likely? <\/p>\n","protected":false},"author":4,"featured_media":18016,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[77,79,360,247,359,361],"class_list":["post-19638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-services","tag-financial-planning","tag-pension","tag-pension-age","tag-retirement-planning","tag-state-pension","tag-state-pension-age"],"acf":[],"yoast_head":"\nHow do you feel about taking a pension at 75? - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How do you feel about taking a pension at 75? 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