UK - Unison has slammed plans to raise the retirement age of public service workers from 60 to 65.
The public service union claims the move could push thousands into poverty.
Unison said that the government measures ignore the issues of low pay and poor conditions in the sector which stop people from working longer.
It explained that most workers retired early because of either redundancy or ill-health and unless the government addressed these issues then people would not have the opportunity to work any longer.
Unison head of pensions Glyn Jenkins said: “At the moment people can leave at 60, but they still have the option to stay on until 65 and quite a lot of low-paid workers do.
“If however they haven’t got the work, then simply stopping pensions until 65 will just push more people in that category into poverty and the taxpayer will pay more on means-tested benefits.
“In effect, it is robbing Peter to pay Paul.”
The leaked Treasury briefing paper suggested the changes could save the government up to £500m per year. If implemented the measures would affect about 250,000 new employees every year.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.
This week's top stories included coverage of the much-anticipated defined benefit (DB) white paper and the sector's reaction.