Pension funds criticise pension age plan

The country’s three pension fund umbrella groups and the insurance association have written to parliament and the cabinet criticising the proposed two years increase in the state and corporate pension age.

In particular, the funds are concerned about the complications which will stem from ministers’ wish to allow some people to still retire at 65 if they have a long career behind them and to reduce the effect of the change on people doing ‘heavy work’.
In addition, the funds point out people who are self-employed will not be covered by the 65 rule. Action must be taken to make sure the self-employed are treated equally, the funds said in their statement. Many people working in the construction sector are self-employed.
And government hopes that the two year delay will boost pension fund reserves, which have been severely depleted by the recession, will also not automatically lead to an increase in their coverage ratio, the statement said.
The cabinet is planning to increase the state and corporate pension age from 65 to 67 in two stages: an increase to 66 in 2020 and a second increase in 2025.

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