http://news.bbc.co.uk/2/hi/business/5015928.stm
Thursday, 25 May 2006, 11:39 GMT 12:39 UK
State pension age to rise to 68
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The state pension age is to rise to 68 from 2044, as part of government proposals to strengthen pension provision in the UK.
The link between the state pension and earnings will also be restored within the next Parliament, Pensions Secretary John Hutton said.
A new savings scheme will be set up with automatic enrolment for staff and compulsory employers' contributions.
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Well the UK is addressing its Ponzi scheme. Soon it'll be "our" turn. What a joke. Chile can figure it out despite a huge illiteracy rate. BUT, Socialists won't give up on their impractical dreams without a fight.
How will you feel when they tell you the terms of the biggest "bet" of your life has changed?
If an insurance company or a bank did it, then all the execs would be off to prison. Politicians do it and they are lauded for making the "tough choices". See the politicians that made those promises are not around when the bill comes due. And the ones in office now say "We never said that"! And, we get left holding the bag.
And guess what's in the bag. Poop!
Don't even think about what all that "social security insurance" could be worth if it was just put in bank certificates of deposit. It's a sunk cost. The politicians have been taking the contributions and putting an iou in the "lockbox". Lockbox? What a joke!
Poof, there goes your retirement, sucker!
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