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Home  »News  »Finance News

Proposals to alter retirement age 'causing confusion'

23/10/2009

Proposals to up the state pension age are causing confusion among people approaching their retirement, experts say. This week both the Institute of Directors and the National Institute of Economic and Social Research (NIESR) proposed raising the state pension age to 70 by 2015. Their advice follows shadow chancellor George Osborne's announcement that the Conservatives would rise the state pension age to 66 for men from 2016, eight years earlier than Labour's plans. People are unable to plan for their futures and organise retirement plans because they do not know if they will be able to draw their state pension at 65, 66 or even 70, reports the Times. Speaking to the newspaper, Laith Khalaf, of the independent financial adviser Hargreaves Lansdown said: "These proposals may have a devastating impact on older people’s retirement plans. Those who want to retire before 70 need to ensure they have enough savings because the State may not help them." Meanwhile, the Pensions Policy Institute (PPI) said the number of people with private pensions is to rise from 14 million people now to 21 million people after 2012 when government pension reforms come in.

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