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Britains Under Age 55 May Face Retirement Ban

Wed, 04/26/2000 - 12:00am — Karen Stevenson
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The BBC reports that the British government is trying to change retirement rules to prevent Britains under age 55 from retiring. Currently, people with occupational or private pensions are given tax breaks if they take early retirement after 50. The government is said to be planning to increase to 55 the age at which the tax help comes into effect.

Social Security Secretary Alistair Darling will soon announce the findings of a report titled "Winning the Generation Game." A report from Downing Street's Performance and Innovation Unit referred to in the paper shows that 2.8 million people aged between 50 and 65 are not working, costing the government £16 billion every year. Ministers believe some of that money could be recouped if the trend towards earlier retirement were halted.

The BBC reports that the British government is trying to change retirement rules to prevent Britains under age 55 from retiring. Currently, people with occupational or private pensions are given tax breaks if they take early retirement after 50. The government is said to be planning to increase to 55 the age at which the tax help comes into effect.

Social Security Secretary Alistair Darling will soon announce the findings of a report titled "Winning the Generation Game." A report from Downing Street's Performance and Innovation Unit referred to in the paper shows that 2.8 million people aged between 50 and 65 are not working, costing the government £16 billion every year. Ministers believe some of that money could be recouped if the trend towards earlier retirement were halted.