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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | June 2009 (15 blogs) | Younger generation's pensions hit hard by credit crunch
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Younger generation's pensions hit hard by credit crunch
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This article is early evidence that our younger generations will end up paying for the credit crunch in more ways than one. It discusses comments made the National Institute of Economic and Social Research which said raising the state pension age could help bring the economy back on track. Using national debt as the driver, the NIESR said:
‘The government has already committed to raising it from 65 to 68 over the next four decades. Boosting it by a further two years could bring the UK level of debt back below 40% of national output — the government's "golden rule" — by 2023…'
There's a potential disparity here as well. Currently we have a default retirement age of 65, although employees can continue working beyond that age with the consent of the employer. Will the planned increase of State Pension Age and any future increase meet with a rise in the default retirement age and does this make retirement planning for today's younger generations any easier? See:
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Mike Jones, MyCompanyPension.co.uk Ltd, June 1st 2009
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