According to Confederation of British Industries Former Director John Cridland, UK’s Brexit could possibly push up the state pension age in the United Kingdom. Analysts also said the UK government’s push towards a UK-less European Union is “likely to reduce the number of people of working age coming into the United Kingdom.”
Despite the notable UK economic performances defying all troubling economic expectations, newer research unveil the UK’s “Hard Brexit” could decrease migration into the country and increase the retirement ages in consequence. A higher pension age means longer working ages for Britons.
Hymans Robertson, a thinktank with actuaries, have found that the UK pensions age could increase by 18 months for individuals under 40 in the next 10 years. Backed by calculations from King’s College London researchers, the conclusion is that there would be “over a million fewer under 70 paying the pensions” of those who are already retired.
Law Firm Eversheds Sutherland Boss Francois Barker said the “Brexit is likely to reduce the number of working age individuals into the United Kingdom.” The shortfall will have dire consequences, he warned, and the UK might need to look for alternatives by increasing the state pension age for the current generation.
The UK Department for Work and Pensions said they are committed to reviewing the state pension age each parliament. He added that the DWP always takes into consideration updated data projects each time.
Posted in: General Consultation