Pension age debt timebomb

The pension age should be raised to 70 by 2013, according to a new pensions body, which could leave many people approaching retirement in severe debt problems.

The move has been suggested by the Centre for Retirement Reform in order to make the country more productive and tackle the country's debt levels more quickly.

However, if the retirement age rose in just three years, it would leave many people in their 60s in limbo, as they would be preparing to leave work soon.

Many may have already planned a leaving date, which could leave them added to the unemployment figures and unable to claim a pension.

This would then mean that they would have to find a new job in an unfavourable climate, otherwise they may need to seek debt solutions.

"Grim" future of debt for Brits

16/09/2010

New unemployment stats show a slight drop in the numbers out of work, but there are fears it is the ...

Unchanged inflation, debt link

15/09/2010

Consumers are still being threatened by rising debt levels as CPI inflation stayed at 3.1 per cent i ...

Double dip debt risk

25/08/2010

Britons could find themselves needing more debt solutions in future, after a Bank of England adviser ...

8% interest rate heralds debt concern

24/08/2010

Interest rates need to be brought up to 8 per cent by 2012 in order to battle inflation, even though ...