Between 2000 and 2010, life expectancy increased by one year every five years for women and by one year every three and a half years for men. Life expectancy has increased by one year in ten for women and one year in six for men since 2010.
Currently State Pension age is 65 for men and women but the Government has announced plans to increase the State Pension age to 68 from 2039. This will affect all men and women aged between 39 and 47 now, meaning that they may have to work an extra year. On average, pensioners could be in receipt of a State Pension for 22 years.
For those of us who want to retire earlier than State Pension age, it is more important that we save as much as we can afford into our Workplace Pension Schemes. Benefits from these schemes can be taken 10 years earlier than State Pension age. Are your workers aware of this?
How to check your State Pension age: www.gov.uk/state-pension-age
For more information, please contact one of our consultants on 01223 720 209.