Category: Employment Law, Taxation and Legislation for Contractors

The retirement age should be increased to 70, meaning professional contractors would have to work longer, it has been suggested.

It is already going up for women in the next decade and the three main political parties suggested the rise for all Brits in their pre-election manifestos, pointed out Robin Ellison, partner at law firm Pinsent Masons.

"Everybody knows it is not enough because national longevity is increasing at three months every year," he commented.

"The retirement age has got to rise; the only question is how far and how fast?"

Many European countries are planning to increase their retirement ages to help deal with pension and economic issues, Mr Ellison said, with the age expected to be 70 across the continent in the next ten or 20 years.

Under the pensions and savings bill, the state pension age in the UK is due to increase to 66 between 2024 and 2026, with two further rises at ten-year intervals.

Posted by Daniel Frost