State Pension Age Set To Rise

It has been reported that the government will bring forward an increase in the state pension age to 67 under radical plans designed to prolong the working life of millions of people aged 50 and under. Ministers are already pushing controversial changes through parliament to raise the age at which men and women can claim a pension to 66 by 2020. Now, as the government moves to keep up with ever-increasing life expectancy, the retirement age could rise to 67 as early as 2026 – which would affect 8.1 million people in their 40s who would otherwise have expected to retire at 66.

Pensions Minister Steve Webb has stated that further moves are necessary, and that the coalition government will discard the former administration’s timetable, under which the pension age was to be increased to 67 in 2036 and 68 by 2046. He has described the timescales for 67 and 68 as ‘too slow’, and explained: “If it is 67 in the mid-2030s we will be going backwards in terms of share of your life in retirement. I mean the problem would be worse than 20 years before.”

Martin Lindsey, Director of Stewart Fletcher & Barrett Wealth Management, notes: “It has become clear that more needs to be done to avoid a major pensions crisis. With average life expectancy rising by, on average, two and a half years every decade, it is not surprising that some tough decisions have to be made, and quickly. Obviously this is a worrying issue that affects many millions of people, and any increase to the state pension age needs to be handled in such a way as to ensure that people have enough time to plan for the change.”

 

If you would like some advice or help with pensions, retirement or planning for your future, call SF&B now on 02476 384171.

Carl’s A Certified Success

Stewart Fletcher & Barrett is pleased to announce that team member Carl Malcolm has just achieved his ACCA qualification after two and a half years of study. ACCA is the global body for professional accountants, and Carl has now earned the title of Chartered Certified Accountant.

 As the largest independent accountancy practice in the area, SFB has a long-established record of supporting junior team members in the acquisition of professional qualifications. 

 25 year old Carl, who is based at SFB’s Nuneaton office, came to the UK from South Africa at the age of 18 in 2004 and decided to pursue a career in accountancy. He explains: “I developed an interest in business and finance at an early age, mainly due to my family background. When I immigrated to the UK I decided that, rather than enrolling at university, I wanted to start my career in a more practical, hands-on way. I joined Stewart Fletcher & Barrett as an apprentice in 2005, when I began studying towards my Association of Accounting Technicians accreditation. Once I had completed that, I commenced study for my ACCA qualification at BPP in Birmingham in 2008. Accomplishing this has given me a real sense of personal achievement, and I look forward to being able to provide an even better level of service for our clients.” 

 Senior Partner Paul Carvell commented: “We are all delighted with Carl’s success. As with any of our other staff members who are currently working or have worked towards their professional qualifications, we recognise how difficult it is to study whilst holding down a demanding full-time job. It requires dedication and a certain amount of personal sacrifice, and we are extremely pleased that all his hard work has now paid off.”