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UK: Increase pension age to 70, say bosses
The Institute of Directors want the state pension age to be raised to 70 as soon as possible as people are living longer and longer and they believe that 25 to 30 years of retirement cannot be funded by a working life of 30 to 35 years. At the same time, they called for means-tested retirement benefits to be stopped with the money saved being used to increase the basic state pension.
The Trades Union Congress (TUC) have taken a different view however, suggesting that any such move could create a situation where people were too old to work but too young to claim their state pension. They also said that stopping means testing would penalise the less well-off elderly while favouring ‘richer’ pensioners, who tend to live longer anyway and have less need for a state pension.