I thought I might do some hard number crunching this morning on the latest pension news.
I am just amazed that this huge tax increase has slipped through with no outrage.
So I started by looking at (and getting depressed at)
GAD - Government Actuary's Department life tables.
Simply the government will increase your pension by a small amount if you don't retire for a three extra years, and pay more tax.
But if you don't retire until 68 you don't draw down 3 years of pension which is about 15% of what you would have done - so that is a huge amount added to the pot without the need for extra tax. You also will have paid in for an extra three years, and of course a significant number of you will fall off your perch in those three years. So just by raising the retirement age the public pension pot is increased by about 20% but the government couldn't resist dipping its fingers into our pockets as well.
But all further research is off now as the red mist is coming down as I look at this graphic from The Telegraph of how our lords and masters have looked after themselves in their old age.. I'm off to kick something very hard.