The retirement age of 67 is something of a misnomer too. Can anyone honestly see a copper, a nurse, a prison officer or a class teacher still doing the job at that age. Unless the police and NHS are different, I can only speak for education.
Point is, pensions were invented/intended to give you income when you are too old to work. No-one is saying that a fireman, police officer or soldier can continue in post until state pension age, but there are other jobs that these people can do once they are 50+. What could not continue was public service employees retiring on full pensions (typically 2/3rds of final salary) below age 60. It was costing the tax payer far too much what with current 65yo life expectancy being 85 for men and 87 for women.
Most public sector pensions can be taken at age 55 if you really want to. However, there are big reductions though - typically 5% per year under 67. So if you take the pension at age 55 then typically you'll lose 50% of it's value. If at all possible it's best to get to 65 (better still 67) before drawing it.
There are plenty of people with no pension provision other than the state pension, and they'll have to work till 67.
Indeed. One of my oldest friends I saw rise from being a PC on the beat to finally a Chief Superintendent of a Traffic Division when he decided to retire at 55. As he was always academically minded, specialising in IT, he then went on a teachers training course and into adult education, which he loves as his last employment before he retires to enjoy a very good pension indeed.
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And good luck to him Lizzie he's earned it fair & square same as I have all this bleating about "unfairness" everyone has a choice and hopefully enough commonsense to look ahead financially.
No point in having plenty of leisure time & no cash it's that simple.
Oh yes indeed Rangie. He had a very active service and was very 'involved' as you would expect from some one who rose through the ranks as he did. Some of his work was harrowing, apart from the huge 'life or death' responsibility he took especially when he became involved in Gold Command decisions, let alone 'everyday' duties.
I would never deny such an individual their very well deserved retirement, no matter how much it "costs" us taxpayers. Knowing what I did with him and now with current high ranking and lesser police officers, with some of the crap they have to deal with, all I can do is praise their dedication, professionalism and pure grit no matter how long or short their service is. We rely on them everyday whilst they Protect and Serve us often against the odds.
If others cannot, and did not, plan for the future and ensure they had a sound pension in place that could support them beyond the State Pension then that is their problem. It is no good them moaning about others, Public Servants or those in the Commercial World, ending up with the pensions they envy. Those pensions were well earned, as I know mine was, with much hard long hours graft, tears, frustrations, and even danger involved at times (or everyday in the example of 999 workers and the armed services) doing our duty.