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Your 66th birthday
Planned State Pension age increases
Under the current law State Pension age will already increase to: 67 between 2034 and 2036 68 between 2044 and 2046
However, the government is considering how the State Pension age should be changed in the future. This may mean the timetable for increases to 67 and 68 will be revised. The government will bring forward proposals in due course. Any change to the timetable would require the approval of Parliament.
GOVERNMENT ANNOUNCES NEW SYSTEM FOR STATE PENSIONS
16 May 2012
Iain Duncan Smith, the Work and Pensions Secretary has announced that millions of mothers who have chosen to take time out of work will no longer be penalised when they become pensioners according to an article in the Telegraph .
However, the overhaul is expected to hit wealthier workers, as the state second pension will be scrapped the Telegraph states.
It goes on to say that at the moment, people who do not work for 30 years do not qualify for the full basic state pension. Under the reforms, mothers and carers will be treated as if they had worked throughout their lives, benefiting them by £2,000 a year. Mr Duncan Smith said women would be the "major winners" in the reformed system, which will mean that everyone who works or looks after others will receive a flat-rate payment worth at least £140 a week. The measure will be applied to women who retire from 2015, giving an average of £40 extra a week to mothers who took time out of work. Currently, they receive a reduced entitlement for each year out of employment.
To read the full article click here .
CIPP Policy News Journal
12/04/2013, Page 284 of 362
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