People 'will have to accept' pension age reforms
People need to accept that they will have to wait longer for their retirement, according to one expert, after the government announced plans to raise the pension age, impacting on women thinking about paying for care.
In a BBC podcast entitled 'Rethink On Women's Pensions Reform', Tom McPhail, head of pensions research at Hargeaves Lansdown said that "everybody needs to accept" that they are going to have to save more money for retirement and work longer.
He explained that due to the ageing population and increased life expectancy there is an accelerated timetable for these changes.
"So you get these distortions where women born perhaps only a few years apart are finding they have got a retirement age that could be up to six years apart," explained Mr McPhail.
This follows the government's announcement that it is not only to bring women's retirement age in line with that of men, but to increase the pension age for everyone to 65.
Posted by Nigel Murphy