Many occupations, especially involving manual work, simply cannot be sustained to age 70 says GMB.
GMB commented on reports that Government will announce that it will raise the state pensions age to 68 in late 2030s and later to age 70 for workers starting work now.
Paul Kenny GMB General Secretary said “Raising the state pension age even further will be a devastating blow for hard working people everywhere.
Ordinary people do not want to work until they drop and common sense tells you that there just won’t be the jobs around anyway.
Many occupations, especially involving manual work, simply cannot be sustained to age 70.
What’s more, the younger generation are already jobless and debt laden, now they see a bleak retirement as well.
There will also be serious unforeseen consequences for occupational pensions. Firstly, many schemes are linked to the state pension age so raising the state retirement age will wipe hundreds of millions off the value of those pension pots. Secondly, many schemes have bridging payments up to state pension age and these will now be significantly more expensive.
Perhaps most significantly, Osborne’s declaration breaks the promise this government gave of an independent, evidence based and wide reaching review of state pension age by the DWP.
Inconsistent, arbitrary pension policy like this is killing pension saving and storing up a future welfare time bomb.”
Contact Brian Strutton 07860 606 137 or Phil McEvoy 07918 768773 or GMB press office 07974 252 823 or 07921 289880
Posted: 15th January 2014