State Pension  

Thousands sign petition to lower state pension age

Thousands sign petition to lower state pension age

A petition urging the government to move the state pension age back to 60 for both men and women has been signed by more than 36,000 people.

At the time of writing (July 16) the petition had secured 36,688 signatures, with a closing date of October 20, 2021.

As the petition has already reached 10,000 signatures, the government will respond and if it gathers 100,000 before its deadline, it will be considered for debate in parliament.

The petition is calling for the state pension to be brought back to age 60 for both men and women with immediate effect.

The reason behind this is to allow older people to retire earlier, thereby freeing up jobs for younger people who have been hit by the pandemic.

The petition page states: “There would be a cost, however, surely a far more positive cost than paying universal credit? Not to mention the option of restoring the balance back into young people’s favour, and helping restore their future.”

Minimum pension access age

Meanwhile the government is increasing the age at which people can access their pension under pension freedoms from 55 to 57 in 2028.

But research from Aegon, published this week (July 14), found seven in 10 adults (68 per cent) did not know of this and awareness was even lower among younger age groups, with 83 per cent of 18-34 year-olds unaware of this change.

This was despite 83 per cent being aware that a minimum age to access pensions exists. Aegon had asked 945 people.

Steven Cameron, pensions director at Aegon, said while the government’s plans had merit, people needed to be made aware of the change well in advance.

He said: “Although the number of people who access their pension at age 55 is relatively small, any increase to the minimum age must be communicated widely and well in advance of April 2028, so that people who are planning ahead aren’t left disappointed. 

“The research shows that most people are unaware of the change and it’s something both government and the pensions industry needs to highlight without delay.”

amy.austin@ft.com

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