Written by Huw Moseley, Director at Link Accounting Ltd
The main reason for my blog this week is to share an excellent report that summarises the recent announcement by the Government regarding yet another raise to the state age for pensions to 68 (seven years earlier than expected!). The article answers 3 key questions:
- Why the Government is raising the state pension age? Basically, increasing in the retirement age will save some £74 billion by 2045/46.
- Who will have to wait an extra year for their state pension? Namely everyone born between 6 April 1970 and 5 April 1978.
- What other changes are planned for the state pension age? Including plans to close the gap between men and women’s pension ages.
You can read the full article here via moneysavingsupermarket.com
It seems to me that pensions will become less and less relevant to many as time goes on. The good news is that there are plenty of ways to get a little of this back each year by utilising the various allowances available including:
- Marriage allowance,
- Uniform allowance,
- Underpaid mileage allowance, etc.
You’ll be surprised as to what you could be missing out on! Please give me a call if you would like to discuss whether you are eligible for any of these allowances.