Millions will wait longer for pensions

Published Thursday, 05 December 2013
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Millions of people have been warned that they will have to wait longer to receive their state pensions, as Chancellor George Osborne delivers his Autumn Statement.

Anyone now in their 40s will not receive the state pension until they are 68, while those currently in their 30s will be 69 before they receive it.

Delaying the pay-outs will help save £400 billion from the pensions bill over the next 50 years.

More than £100 billion in savings has already been counted on, given the planned rises in the pension age to 66 by 2020 and 67 by 2028.

According to the Government, the changes are based on the principle that workers should expect to spend an average of one-third of their adult life in retirement.

Britain's economic plan is working, but the job is not done.

Chancellor George Osborne

The state pension will, however, rise by £2.95 a week from next April - leaving pensioners £800 a year better off from Government measures since 2010.

Pensioners will also be offered the opportunity to make voluntary national insurance contributions to boost their retirement income.

A pension review mechanism will be held every five years to ensure "fairness across the generations".

On Thursday, the Chancellor stood in the House of Commons to deliver his Autumn Statement and told MPs he was seeking "a responsible recovery to allow the government to live within its means".

Mr Osborne also confirmed that the Office for Budget Responsibility's official forecast for growth in 2013 had been upgraded from 0.6% to 1.4%, and from 1.8% to 2.4% for 2014.

This Autumn Statement has many positives for Northern Ireland, not least the £136million increase in the Northern Ireland Executive's Budget over the next two years.

Finance Minister Simon Hamilton

The Northern Ireland Executive is to receive an additional £136m in funding over the next two years as part of the economic plan.

A halt to the planned fuel duty rise and transferable tax allowance benefits for married couples were announced as ways to help with the cost of living.

Employer National Insurance contributions for under 21-year-olds are to be abolished as a boost for existing businesses and to improve opportunities for young people.

The creative industries in Northern Ireland will gain from additional funding for minority language broadcasting and through continued tax relief for high-end TV and film production.

Commenting on the budget, Secretary of State for Northern Ireland, Theresa Villiers said: "The Autumn Statement comes at a time when there is increasing evidence that the UK's hard work is paying off and the economy, in Northern Ireland and across the rest of the country is recovering.

"So I strongly welcome today's statement by the Chancellor and particularly the additional support for business and hard working people in Northern Ireland."

She added: "All of this is clear evidence of this Government's continuing commitment to Northern Ireland."

Finance Minister Simon Hamilton said the Autumn Statement has "many positives for Northern Ireland".

The Minister also noted additional support for businesses in England through the business rates system and in particular the £1,000 discount for local retailers.

Commenting on this measure the Minister said: "The Executive has already done much to support our businesses through the rating system. By way of comparison since 2011-12 the Northern Ireland non-domestic regional rate has increased by just 4.9% compared to an increase of 8.7% in the Uniform Business Rate in England.

"However, I am always prepared to look at new measures to support our businesses and I will consider the merits of the new initiatives in England once I have more clarity on how it will operate."

Mr Osborne also announced that HM Treasury had published economic modelling of the dynamic impacts of its corporation tax cuts.

Minister Hamilton commented: "The publication by the Chancellor of the Exchequer of the broader fiscal implications of tax changes is potentially significant.

"If he is prepared to take the same approach in terms of the potential devolution of corporation tax powers it could reduce our costs considerably."

© UTV News
Comments Comments
don't support in the parasites wrote (129 days ago):
This is a real reason to protest and people should be on the streets in their hundreds of thousands.I for one am sick of westminster politicians and bankers robbing the men women and children of this country.I am also sick of our own so called representatives saying absolutely nothing about this,they should be refusing to except this deliberate attempt to work people to death to make profit.I have said this before we have a unique position in this part of the uk all we have to do is force out the big banks by taking out all our money and create our own non interest bearing currency.By doing this we would no longer have to pay income tax or vat bringing down the cost of living, increasing wages and improving peoples quality of life all round.And if Westminster or Dublin don't like it TOUGH.Even the threat of doing this would have the government using scaremonger propaganda to try and prevent it,but if people were determined enough they WILL win.
David in East Belfast wrote (131 days ago):
Bible says man's life span is three score years and ten (70). Men are kidding themselves if they think any different. What the government are doing is collecting money which will never be drawn because the individuals will be dead. Another devious way to rob the public. It, the Bible, also says that perhaps through strength we might hit our eighties, but do our kids and teenagers look healthy, of course they don't, they are nearly all obese and are killing themselves with booze and cigarettes plus drugs. No, we are living in a fools paradise.
Paul in England wrote (132 days ago):
£110/€130 a week state pension. In Ireland it's €230. And they get free tv license from 60, discounts on electricity. €20 extra a week from Oct-Apr for energy bills. They look after the elderly. As for JSA. £73/€90 in England, in Ireland €188.
Had Enough in belfast wrote (132 days ago):
This is a diabolical decision I am in my late forties and have worked from the age of sixteen if I am lucky enough to still be employed at 65 that will be 49 years I have payed tax & national insurance.Now I am told I have to work another 3 years before I can get my pension, why does the government want to make people like me who have contributed my hard earned cash all my life pay the price for others who don't contribute anything to the tax & national insurance pot.There are thousands who don't work and won't work for no other reason than they don't want to get out of bed in the morning, because the government gives them money (MY MONEY).Its time the government looked after people like me who have spent our lifetime paying for others.I believe in the welfare state system for people who need it, those who through no fault of their own can't work, that is what it was set up for;but not how it is today.Our pensioners need looked after better than they are and people who decide they don't want to work shouldn't get any money.I also think that if you are being looked after by the welfare state you should be able to feed & cloth yourself and stay warm in the winter, you shouldn't be driving a new car and holidaying in Spain for a fortnight every year which is the norm for thousands in the UK.Lets fix the problem of where the government is wasting our tax & national insurance contributions, And stop persecuting people like me for other peoples bad choices.
craig cush in queensland wrote (132 days ago):
and how long do those in power have to wait to get the golden pot....not that bloody long
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