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'Unsustainable' retirement age could herald rise in debt help needs

'Unsustainable' retirement age could herald rise in debt help needs

- Monday, 5 October 2009

The number of people finding themselves in need of financial help in later life could increase as a result of the current "unsustainable" retirement age.

Following on from the recent suggestions from the International Monetary Fund that governments should reconsider the structure of their retirement systems, it has been warned that the current UK retirement age is unworkable in the long-run.

Robin Ellison, a consultant on the pensions law team at Pinsent Masons, said that the increase in life expectancy should be coupled with a rise in the default retirement age.

He said: "I think the government knows that [a] retirement age [of] 65 is unsustainable in the long term, they knew that already. This [has] not come as news to the Department of Work and Pensions or even to Gordon Brown."

He went on to say that he believed the standard retirement age should be set at 75.

The default retirement age is up for governmental review next year.
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