UK State Pension Age to Be Axed by 2016

Mr. Duncun, Work and Pensions Secretary at the Conservative party, and Mr. Webb, Pensions Minister at the Democratic Party, recently announced that state pension age will be increased by as early as 2016.

As such, the default pension age for men will be extended to 66 in 5 years, whereas women's pension age will be axed in about 7 years.

Also, the ministers might raise the question of extending the government pension age to 70.

Iain Duncun is determined that the time has come for the UK pension system to be reformed as it has been neglected for so many years and eventually became ineffective. He believes that most Brits are now living longer than several decades ago, which means that they can be productive for a longer period and should not lose their work due to the low age limit.

Let us remind that the previous government planned to raise the state pension age to 66 by 2024 and then to 69 by 2046. The new government, however, believes that the process should be speeded up as the average life expectancy in the UK now stands at 77 years for men and 81 years for women.