State pension age

A

Azriel

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By way of background, I am in a Defined Contribution pension scheme, where between my Employer and I a total of 10% of basic salary is contributed each month. The value of the scheme has not progressed as I would hope in recent years in light of the challenges in investment markets.

What I am wondering is how I will manage between the age of 65 (which is my retirement date) and 68 (which is the age at which State pension benefits will be payable to me in light of changes announced). Has anyone else thought about this?

What is the legislative position - can Employers force employees to retire at age 65, even if pension benefits are inadequate? Any views on whether this will change?

Would appreciate any insights.
 
This is were the 'fun' is going to start. The goverment would hope that you keep working in you company until 68. The reality may well be different!
 
Are you managing the investment risk by moving your funds to low-risk options as you get closer to retirement age?
 
I can see many getting the JSB/Dole/disability for 3 years and it will end up costing the goverment much the same. Will we still get our free travel passes at 66?
 
Towger said:
I can see many getting the JSB/Dole/disability for 3 years and it will end up costing the goverment much the same. Will we still get our free travel passes at 66?
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If youre drawing down a private pension from age 65 it will probably put you over the means test limit to draw down a social welfare benefit such as dole/disability for the 3 years? You might get a year of Jobseekers on stamps, but after that?
 
Hello,
I would say plan for your future as you have done. Do not be too worried as things change with each generation. Dont waste your young years worrying unduly about the future you are doing very well.
We are now in the later 60's and all our life we saved for the future on the basis of how things might be then. We targeted for a certain amount of pensions for us both.
Plus a lump sum that might bring in 4% in interest. In our lifetime interest rates were in the region of 7 - 9%. and sometimes much higher. We now find that the 1% if you are lucky on our savings is of little value in todays terms.
BY the time you reach retirement age the work force will be working much longer. Keep healthy and the rest will be ok. Browtal
 
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