Quote:
Higher earners ‘to retire at 70’
Robert Winnett, Whitehall Correspondent
UNIVERSITY graduates may be barred from receiving a state pension until they are 70 under proposals from Tony Blair’s pensions supremo to solve the looming crisis.
Adair Turner, head of the government’s Pensions Commission, says lower-paid workers could, however, still retire on a full pension at 65 to reflect their lower life expectancy.
The move would break the century-old system of a common state pension retirement age across all social groups and shows how the scale of the problem is forcing Whitehall to consider drastic measures.
It would mean the professional middle classes would bear the brunt of what Turner describes as the “tricky choices” forced onto the government by the ageing population.
But he argues that such a radical change might be necessary because professionals survive on average five years longer than lower social groups after retirement. Turner says this should be reflected in the state retirement age. “One of the sad facts is that although life expectancy is going up, it is going up least in lower socio-economic groups,” Turner said.
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Full here:
http://www.timesonline.co.uk/article...622625,00.html
Whats so good about this, is not only do you have to make most of the money for the system and get taxed more, but you have to work 5 years longer to retire!
These programs, from social security to the English pension are fundamentally flawed and inevitably screw the very people who are funding the system. The best thing is the excuse that they, on average will live longer than poorer people so they need to work more.
This is amazingly ridiculous but in an age of amazingly ridiculous things it seemed to have gone unnoticed by the TFP crowd
