Govt will scrap compulsory annuitisation at 75; Retirement age review

The parties have agreed to phase out the default retirement age and hold a review to set the date at which the state pension age starts to rise to 66. This will not be before 2016 for men and 2020 for women. However, the future of Gordon Brown's planned tapering of tax relief on pensions for high earners was omitted from the document. The formal agreement, released today, also promised to address the spiralling cost of public sector pensions and an independent commission investigating the long-term affordability of the schemes will be set up. The Conservative manifesto had pledged ...