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[quote="thomas davison"]Raise retirement age again 'to save British economy': IMF warning over crippling cost of pensions IMF predicted national debt would spiral out of control if the average lifespan in the UK rose by just three years more than predicted By Hugo Duncan PUBLISHED: 01:19, 12 April 2012 | UPDATED: 01:21, 12 April 2012 Comments (31) Share British workers should be forced to delay their retirements to save the country from financial ruin, according to the International Monetary Fund. It said the national debt would spiral out of control if the average lifespan in the UK rose by just three years more than predicted. The organisation warned that the �financial implications of people living longer than expected� are �very large�, and could cripple public finances as the cost of pensions and healthcare soars. Grey future: The IMF suggested a further increase in retirement ages, higher contributions into pension pots from employers and employees, and smaller payouts to those in old age In a report into so-called �longevity risk�, the Washington-based IMF urged governments to tackle the problem now before it is too late. It suggested a further increase in retirement ages, higher contributions into pension pots from employers and employees, and smaller payouts to those in old age. More...Pensions explained - How exactly do pensions work? UK expats face ruin in Spain and France after being duped by bogus financial advisers The report also said countries should consider linking the retirement age to life expectancy � an option being explored in Downing Street. �An essential reform is to allow retirement ages to increase along with expected longevity,� the IMF report said. �This could be mandated by the government, but individuals could also be incentivised to delay retirement.� The proposals raise the prospect of millions of Britons working into their seventies and even eighties. The state pension age is already being increased to 67 for men and women by 2028, and to 68 by 2046. Warning: The IMF said the national debt would spiral out of control if the average lifespan in the UK rose by just three years more than predicted However, experts say linking the pension age to life expectancy would inevitably mean more rapid increases. Nevertheless, Laura Kodres, an assistant director at the IMF, said such a plan would �keep the number of years in retirement constant� and ease the strain on the public finances. �The longer you ignore it, the more difficult it becomes to resolve,� she said. �The time to act is now.� Demographers continue to expect the rise in life expectancy to slow down � but such a phenomenon has yet to occur in Britain. After the Second World War, when the state pension age was 65 for men, their life expectancy was 66.4 years, while women�s was 72.5 years. In 1977 the Government was guided by actuaries who predicted that average life expectancy in 2011 would be 71. In fact, men today typically live to 77, while the figure is 82 for women. By 2056, the life expectancy for a man and woman living in England is expected to be 84 and 89 respectively. The IMF said forecasts �have consistently underestimated how long people live�. Pension book: Over the years as people have began to live longer, the pressure on the country has increased It claimed that predictions about longevity over the past 20 years had been too low by an average of about three years. It said that if people lived those three years longer than expected in Britain, �750billion would be added to the national debt by 2050 to pay for the increased costs. That would push the debt burden up from 76 per cent of national output to as much as 135 per cent. The IMF forecasts that the global cost of providing for an elderly population � based on replacing 60 per cent of pre-retirement income � will double over the coming 40 years. In advanced countries such as ours, the annual cost will rise from 5 per cent of gross domestic product to 11 per cent. �If individuals live three years longer than expected � in line with underestimations in the past � the already large cost of ageing could increase by another 50 per cent,� the IMF argued. It said this would heighten the threat to government finances and could also damage �the solvency of private financial and corporate institutions exposed to longevity risk�. The risks were greatest for institutions offering defined benefit pension plans and life annuities, it said. Before everyone "delays their retirements to save the country from financial ruin" it might be a nice idea for them all to have jobs. Leave the retirement age where it is and STOP freeloading immigration! The Washington based IMF seems to have become the World Governing Council. Unelected and unaccountable, this bunch of faceless financiers have an opinion on practically every aspect of life throughout the world, and issue directives, suggestions, proposals, instructions or other measures like confetti. This time, "urging" Governments to tackle the problem of retirement age and pensions. It seems to me that a bigger problem and more sinister trend is the extent to which Governments of many nations, including our own, are far to eager to kowtow to this neocon organisation in Washington. WE ARE BRITISH WE SHOULD KOWTOW TO NO ONE, get out of the EU, get rid of the millions of people who should not be here along with the Human rights laws and there will be work and homes for everyone.[/quote] The IMF and World Bank in there current form need to be abolished as they are nothing more than tools for American Imperialism.
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