Pension Age to Rise to 68 Sooner than Planned!

19th August 2010
Pension Age to Rise to 68 Sooner than Planned! image

Pension Age to Rise to 68 Sooner than Planned!

The Conservatives stated before the recent General Election that the pension age should rise to 66 by 2016. New Conservative Work and Pensions Secretary Iain Duncan Smith and Liberal Democrat’s Pension Credit Minister Steve Webb have announced that workers should be prepared for the retirement age to rise to 68, eight years earlier than previously scheduled.

Previously the former Labour Government had planned to increase the retirement age to 66 by 2024, and to 68 by 2046 to reflect growing life expectancy. Now the New Coalition Government has suggested that by 2038 that the retirement age could be raised to 68.

Currently the default retirement age is 65, being the age at which workers can currently be retired by employers. The government has also suggested that this will be phased out and eventually axed.

Daven NaghenHead of the Employment Team at Maples Solicitors LLP commented as follows:-

“These proposals will not be well received by manual workers, who will perceive that they will have to work until they drop especially as their life expectancy is often much less than say professionals or other classes of employees.

As for the default retirement age, the precise details of the phasing out and eventual axing of the default retirement age are still to be confirmed.”

If you require any advice in respect to the contents of this article then please either ring Daven on 01775 722 261 or email daven.naghen@maplessolicitors.com


How Banks are Cashing in on Wills image

How Banks are Cashing in on Wills

Recent headlines have reported how banks are now cashing in on Wills.

During the 1990s and early 2000s, banks offered customers low cost Wills (or sometimes even free Wills) but the small print allowed the bank to charge extortionate rates to act as Executors. It is reported that banks are expecting billions of pounds of revenue from their Will writing services and administering estates and in some cases their fees have been over £12,000 to administer an estate as they look to charge a fixed fee PLUS a percentage of the deceased’s wealth.

If you or a loved one has made a Will through a bank we would urge you to check who you have appointed as Executors and check any small print which you may have signed. If you are unsure then please speak with one of our lawyers in the Wills and Probate team who can look at your existing Will with you. It may be appropriate to make a new Will which revokes any previous Will you have made which could save your family thousands of pounds when your estate needs to be administered.

In the majority of cases, when someone has passed away we can provide the family with a quote of how much the legal fees will be so that there are no nasty surprises once the administration is complete.

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Over the last forty years I have cause to deal with many law firms both in a personal and professional capacity, including some ‘top’ London Companies. In all of those dealings I have never found anyone as proactive and so willing to offer help and advice as Jamie Dobbs. During the last two years Jamie guided my parents through the completion of Lasting Powers of Attorney. Helped myself with the use of the LPA and recently dealing with Probate and Estate Administration following their death.

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Mike Pepper gave us excellent advice. He was always most helpful and accommodating giving lucid explanations every step of the way. Thank you Mike.

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