Despite the British government allowing the mass immigration of migrants to the UK in an effort to fund state pensions, Prime Minister, Liz Truss, might raise the state pension age a decade earlier than expected.
The current retirement age to receive a state pension has already been increased from 60 years old for women and 65 for men to 66 years old for everyone. There are already plans to increase the age from 66 to 67 and then 68 by 2046. However, Truss and her administration, are considering raising the pension age sometime in the mid-2030s. The increases come despite, the UK importing more than 1.1 million immigrants in 2021.
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The rise in retirement age also comes as new data shows the average lifespan decreasing by two years. When asked whether or not she would raise the state pension age, Truss said, “You’re asking me to speculate about all kinds of decisions that haven’t yet been made. We are facing a very difficult international situation, a slowing global economy, so yes I will do what it takes to fix those issues.”
With the state pension currently under review, Brits have been cautioned that they might not be able to draw a state pension until age 69. The continually increasing age is most alarming to 50-somethings who won’t have time to fill the gap between their expected retirement age and when they will be eligible for a state pension.
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