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    Overhaul of state pension system to be unveiled

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    ODN

    by ODN

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    People could end up having to work into their seventies under a radical overhaul of the state pension system that is being unveiled.


    In a series of landmark moves designed to help deal with an ageing population, the Government will announce plans to scrap the default retirement age which allows employers to get rid of staff when they reach the age of 65.


    The state pension age for men is also set to rise to 66 from 2016 - nearly a decade earlier than the last Government was planning.


    But ministers are to also raise the possibility of extending the pension age to 70 and even older in the following decades as the country wrestles with ever-increasing life expectancy.


    Iain Duncan Smith, the Work and Pensions Secretary, said the new policies were intended to "reinvigorate retirement".


    He said: "People are living longer and healthier lives than ever, and the last thing we want is to lose their skills and experience from the workplace due to an arbitrary age limit. Now is absolutely the right time to live up to our responsibility to reform our outdated pension system and to take action where the previous government failed to do so."