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Tories plan rise in pension age Tories plan rise in pension age
(19 minutes later)
The Conservatives have announced plans to make millions of men now in their fifties work for an extra year before they receive their state pension. Conservative plans to raise the state retirement age, up to ten years earlier than planned, will be outlined by shadow chancellor George Osborne later.
Shadow chancellor George Osborne will raise the state pension age from 65 to 66 from 2016 if the Tories win the next election, to help tackle UK debts. If the Tories win power they will set up a review to look at raising the pension age for men to 66 from 2016 at the earliest, to help tackle UK debts.
He has also not ruled out a rise in pension age for women towards 66. They have not discounted a rise in pension age for women towards 66 but have ruled out doing so by 2016.
The government has already announced plans to raise the state pension age to 66 but between 2024 and 2026. Ministers plan to raise the pension age to 66 between 2024 and 2026.
'Complexities'
Bringing the move forward would mean many more people than previously expected, particularly those aged between 49 and 59, having to work a year longer before qualifying for a state pension.Bringing the move forward would mean many more people than previously expected, particularly those aged between 49 and 59, having to work a year longer before qualifying for a state pension.
Conservative Party sources say the change would save £13bn a year from the budget deficit, about 0.75% of GDP each year.Conservative Party sources say the change would save £13bn a year from the budget deficit, about 0.75% of GDP each year.
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Cameron says raising pension age for women to 66 in 2016 out of question-review will suggest how to up it gradually #cpc09 About 1 hour ago Tories say people will 'question the motives' of Darling's announcement on pay freeze on the eve of Osborne's big speech #cpc09 About 12 hours ago senior tory tells me public sector pay freeze should be in Osborne's speech tomorrow #cpc09 About 13 hours ago Labours say Osborne policy is 'gimmick driven'-Tory MPs waiting to see how he plans to pay for it in speech tmrw ...#cpc09 About 15 hours ago Lansley says Tories would cut 1.5 billion from NHS 'bureaucracy' over four years-how many jobs might go? he won't say-on stage soon #cpc09 About 17 hours ago What is this?
Ministers intend to equalise the state pension age for women, so that it rises from 60 to 65 from 2010 to 2020.
Amid concerns women in their late 50s could have to work an extra three years if state pension ages are equalised at 66 in 2016, Tory leader David Cameron said that was "completely out of the question".
He told the BBC that there were "complexities" in the plan and a new Conservative government would set up an independent review to look at how this could be taken forward.
The BBC's political editor Nick Robinson said any suggestions that women in their late 50s would be left considerably worse off by the proposals would be politically dangerous and would be seized upon by opponents.
The rise in the pension age is designed to help pay for restoring the link between pensions and earnings which both Labour and the Conservatives are committed to introducing before the end of the next Parliament.
Mr Cameron said his plans were underpinned by "a genuine desire" to ensure pensioners were not "left behind" and were able to retire with "security and dignity".
"The big step we are taking is to say that that the previous agreement that 2026 was the right year was not ambitious enough," he told the Today programme, saying the debt crisis and rising life expectancy meant more urgent action was needed.
"We need to go further."
Mr Osborne will announce the details of the pension plan in a speech to his party in Manchester later.
Under the government's existing plans, the state pension age will rise gradually from 65 to 68 between 2024 to 2046.Under the government's existing plans, the state pension age will rise gradually from 65 to 68 between 2024 to 2046.
This was designed to help pay for restoring the link between pensions and earnings which both Labour and the Conservatives are committed to introducing before the end of the next Parliament. 'Painful choices'
Mr Osborne will announce the pension plan in a speech to his party in Manchester later.
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The BBC's Rajini Vaidyanathan asks two people used to making cuts on a regular basis where public spending can be reduced
Mr Osborne is expected to say the rise in the retirement age will be "how we can afford increasing the basic state pension for all".
He will go on to describe it as "one of those trade-offs any honest government has to confront".
The government is currently intending to equalise the state pension age for women, so that it rises from 60 to 65 from 2010 to 2020.
The Tories said how this would link into their new policy was "up for review" - but they did not rule out that women could see their pension age rise towards 66 from around 2016.
Senior Tory sources said the change was designed to lock in a sustainable and long-term saving into the public finances.Senior Tory sources said the change was designed to lock in a sustainable and long-term saving into the public finances.
It is surprising that the Labour chancellor chose to make this announcement - which affects hundreds of thousands of people - in the middle of a Conservative Party conference Tory spokesman Stephanomics: An embarrassment of cuts
They acknowledged that the decision could prove unpopular with some but they said they were being deliberately upfront about a tough decision that would make credible savings in the long term.They acknowledged that the decision could prove unpopular with some but they said they were being deliberately upfront about a tough decision that would make credible savings in the long term.
Shadow secretary for work and pensions, Theresa May, told BBC Two's Newsnight that the UK's "ageing population" made it necessary to look "at what point it is appropriate for people to be receiving their state pension". Instead of not saying something to his party conference, which is what Labour have done, you will see George explaining to our party conference, what needs to be done David Cameron class="" href="http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2009/10/an_embarrassment_of_cuts.html">Stephanomics: An embarrassment of cuts class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=7074">Send us your comments
She added: "I'm afraid there are some tough choices to be made." Mr Cameron said some "painful choices" had to made to get to grips with the country's debt crisis but that he was prepared to "take people through" these tough decisions now.
'Surprising'
Mr Osborne is under pressure to demonstrate that he has a fully-worked out plan to deal with Britain's record debts - and pay for some of the measures announced this week to deal with unemployment.Mr Osborne is under pressure to demonstrate that he has a fully-worked out plan to deal with Britain's record debts - and pay for some of the measures announced this week to deal with unemployment.
But his big speech looks in danger of being overshadowed by Chancellor Alistair Darling's announcement of a pay freeze for 750,000 senior and middle-ranking civil servants, sparking Tory anger.But his big speech looks in danger of being overshadowed by Chancellor Alistair Darling's announcement of a pay freeze for 750,000 senior and middle-ranking civil servants, sparking Tory anger.
A Tory spokesman said Mr Darling's announcement, on Monday evening, shows that "the Conservative Party is setting the terms of the political debate on the economy". Mr Cameron criticised the announcement as being "slightly cynical in timing" and "quite insubstantial in content".
He added: "It is surprising that the Labour chancellor chose to make this announcement - which affects hundreds of thousands of people - in the middle of a Conservative Party conference. "What you are going to see from George Osborne is quite a contrast, instead of not saying something to his party conference, which is what Labour have done, you will see George explaining to our party conference, what needs to be done."
"People will question his motives. Tomorrow (Tuesday) George Osborne will set out an overall approach to deal with Labour's debt crisis".
But Labour sources insisted they were not trying to scupper Mr Osborne's speech, saying public sector pay was simply the first issue in Mr Darling's in-tray after he returned from the Labour conference and a series of foreign engagements.But Labour sources insisted they were not trying to scupper Mr Osborne's speech, saying public sector pay was simply the first issue in Mr Darling's in-tray after he returned from the Labour conference and a series of foreign engagements.