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EARLY RETIREMENT

Manual workers to draw their state pension EARLIER under radical new proposals

A report has proposed 'early access' to those who have worked more than 50 years or live in places with low life expectancy

MANUAL workers could be allowed to draw their state pension early under radical new plans.

A Government-backed review proposed “early access” to the state pension for those who have worked 50 years, been on the factory floor or live in places with low life expectancy.

 A Government-backed review has proposed 'early access' to the state pension for some
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A Government-backed review has proposed 'early access' to the state pension for someCredit: Reuters

The report, by ex-business chief John Cridland, also urged ministers to consider scrapping the “Triple Lock” that guarantees a 2.5 per cent annual pension rise.

The proposals are part of a study into how Britain copes with rising life expectancy and the ballooning pension bill. Mr Cridland said: “It’s a blessing that people live longer.

"But we need to make sure we have a pension age that works for everybody.”

 

Men born today can expect to live until 90 and women to 93.

The state pension age is expected to rise from 65 to 68 by 2044.

But Mr Cridland said ministers had to consider how to support blue-collar workers, carers and those who had to give up work before they reach the retirement age.

He added that ethnic minorities typically were lower-paid and may need more support.

 The review has recommended it be open to those who have worked over 50 years, have been on the factory floor or live in places with low life expectancy
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The review has recommended it be open to those who have worked over 50 years, have been on the factory floor or live in places with low life expectancyCredit: Reuters

Another option is giving Brits early access to a reduced pension.

Mr Cridland said life expectancy in London was typically 2.4 years higher than in Manchester, but within Manchester it varied by as much as 15 years.

A final report will come out in six months with firm proposals.

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