‘Allow early entry!’ Boris Johnson said when asked about the state pension age.
THE STATE PENSION AGE should be abolished, according to an old interview, and people should be permitted to access their money early if they need it.
Although the UK economy appears to be recovering from the coronavirus, the outbreak has spurred a debate about the state pension age, with many savers expecting to retire sooner. People must currently wait until they are 66 years old to retire, although some say that the pandemic has necessitated greater early retirement to aid with the economic recovery. In August, a petition was launched advocating for the state pension age to be decreased to enable younger people find work. “Young people are struggling to find work and losing jobs as a result of the pandemic,” it stated.
“Why not enable older individuals to retire sooner, freeing up work for the younger generation?”
There would be a cost, but surely it would be a far more positive expense than paying Universal Credit?”Not to mention the option of redressing the balance in young people’s favor and assisting them in reclaiming their future.”
Steve Cameron, Aegon’s pensions director, suggested in October 2020 that the state pension age should be abolished.
“The longer individuals live, the more variety there is in health and life expectancy, so there should no longer be a single set state pension age,” he told the Telegraph.
Former pensions minister Baroness Ros Altmann has proposed that the laws requiring people to wait until they are 66 be repealed, allowing savers to access their National Insurance contributions sooner.
She expressed concern that some elderly individuals may be unable to return to work and called the current state pension system “outdated.”
“Allowing early access, even at a lower cost, might offer a lifeline to people who want to profit from their many years of National Insurance contributions instead of the unrealistic reliance on out-of-work benefits,” she continued.
“It has the potential to help a lot of women, as well as anyone who are seriously ill or have to care for loved ones.”
Last month, Mr Cameron cautioned that lowering the state pension age could result in lower benefits.
“The older the state pension age gets, the more difficult it will be for certain people in demanding or manual jobs to work until they reach state pension age,” he said.
“There is a case to be made for the government to look into allowing people to choose whether or not to take their state pension,” says Brinkwire Summary News.