UK - Politicians are scared of making a decision on the age of retirement according to Tom Ross, vice president of the Faculty of Actuaries in Scotland, who claims that that particular power should rest with an independent committee of experts.
Ross, speaking at an Institute and Faculty of Actuaries conference on ageing in Edinburgh, believes that politicians will refuse to consider the issue of retirement age - let alone increase it from 65 - as it is politically unattractive.
According to Ross, raising the retirement age is the only viable solution to providing people with an adequate state pension: People are living a lot longer and we cannot realistically expect the State to pay a decent minimum level of pension for everybody from age 65. The costs would be too large. Raising the state pension age is a better option than paying inadequate pensions.
By Geoffrey Ho
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