Unite is warning that the UK is facing a pensions and retirement “time bomb” amid fears of the impact on workers of increasing the State Pension age over the coming years. The trade union said its research showed that many people would not be able to continue working in key roles if the UK Government pushes forward with plans to accelerate the State Pension age to 68 earlier than scheduled.
A survey of more than 10,000 Unite members in construction, health, passenger transport and road haulage/warehouse produced “overwhelming evidence” that workers do not believe they can continue in their present jobs to the next State Pension age of 67 - let alone any later, said the union.
State Pension age will gradually rise to 67 between 2026 and 2028, however, almost nine in 10 respondents to Unite’s survey who work in the health service said they do not believe they can mentally continue to undertake their current roles beyond the age of 66.
Unite general secretary Sharon Graham said: “The UK is facing a pension and retirement time bomb. Tens of thousands of workers will be forced out of employment due to the physical and mental demands of their work, but will be too young to receive the State Pension.
“The UK Government needs to urgently rethink its entire strategy of expecting workers to work even longer. A failure to do so will consign workers to the misery of being too old to work but too young for a pension. Plans to accelerate the introduction of the State Pension age to 68 are clearly unworkable.”
The State Pension age is currently 66, however, an increase to 68 between 2044 and 2046 may be brought forward. Earlier this year, Secretary of State for Work and Pensions, Mel Stride MP, indicated that the rise to 68 is not likely to happen until the 2040s and is not a decision to be made by the current UK Government.
A review of the State Pension age is likely to take place two years after the next general election, which is due next year.
Check your State Pension age online
You can check your State Pension age online to find out when you can retire and claim State Pension using the free online tool at GOV.UK here.
This will tell you:
- when you will reach State Pension age
- your Pension Credit qualifying age
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