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- A rise to age 70 by 2030 would force millions in their 50s to wait up to three years longer to draw their pensions
- State pension age is already set to rise to 66 by 2020 and 68 by 2046
The former chairman of the City watchdog is urging the Government to make people in their 50s work until the age of 70 before they can claim a state pension. Lord Adair Turner, who headed the Financial Services Authority, will argue at a Government pensions review that the age should be raised to cut costs. He wants the official state pension age to be increased to 70 by 2030. This would force millions of people in their 50s to wait up to three years longer to draw their pensions. The state pension age is already set to rise to 66 by 2020 and 68 by 2046. However, Lord Turner, who served as head of the Pensions Commission, said those affected should be given more than the current £155.65 a week. Neil Duncan Jordan, of the National Pensioners Convention, says: ‘Most people are struggling to keep their job in their 60s — their lives are nothing like privileged peers in the House of Lords.’ .....Read more here