Political parties and commentators say we need a review to reconsider planned state pension age rises, but in reality we need a new party that reflects the needs of Britain's rising over-50s population.
This is the view of reader and activist Christine Williams, who responded to a recent FTAdviser story by deputy news editor Sonia Rach on PensionBee launching a state pension age calculator:
Dear Editor,
PensionBee talking about "a review to reconsider the rise to 68 scheduled within two years of the next parliament" is only about the 1970s-born who have had pension age 67 since 2007 (Labour’s Pension Act).
But don't forget that in May the Institute for Fiscal Studies revealed that delaying the planned increase in SPA by seven years from 2037/39 to 2044/46 will likely cost the exchequer more than £60bn.
So what? National Insurance gathers over £100bn per year.
Around the same time, it was reported that ministers have delayed plans to raise the state pension age to 68 amid falling life expectancy in the UK.
Life expectancy has been falling from 2011, so this is not new. Deaths of people in their 50s and 60s have been increasing (trebling during the pandemic), as the undertakers know - never mind the actuaries.
What if there was a new political party that offered:
- To bring back age 50 early work pension age
- Return higher age related tax allowance, but lowered to start from age 50
- Return of income tax thresholds rising £500 a year
- Age 50 uniformed services pension age back
- New work pension age of 50 for all manual workers, such as NHS nurses, canteen staff, shop workers, builders, and other outside trades
- Ending paying from first £1 of lowest waged for auto enrolment, and only non-contributory works pension credits til personal tax allowance ends?
Don't forget those born in the 1970s are now in the 50s or getting there.
This would be the only political party that would gain the Grey Vote.
It would also be the sole way also to secure £35,000 compensation for 1950s ladies, tapered compensation for 1950s and 1960s ladies, and pension age 60 from 1965-born ladies, which could be fully funded from other changes.
Have your say!
Write to the editor, Simoney Kyriakou, at simoney.kyriakou@ft.com or post your comment in the section below. We'd love to hear your views.
