The UK government has been criticised for adding further uncertainty to those planning for retirement, after it moved to bring forward an increase in the State Pension age. Brits born between 1970 and 1978 will have to wait until they are 68 - an extra year - before they can claim the State Pension, it was announced today, with the State Pension age being increased between 2037 and 2039. He pointed to increased life expectancy as a reason for the move. Caroline Abrahams, charity director at Age UK, described the timing as “astonishing” and warned that the government was “picking the pockets” of the under-40s. David Newman, head of pensions at Close Brothers Asset Management, warned that state support is being withdrawn from future retirees at an increasing rate, and said this move would add further unwanted uncertainty.

Source: Forbes July 19, 2017 18:45 UTC