Why you will work longer for a smaller state pension
Working more for less . . .
You may have heard of the fabled state pension crisis. This fast-approaching event is irrespective of the current economic situation but has everything to do with demographics.
Originally, when Lloyd George introduced the foundation of our basic state pension in 1908 to Britain, it would see a payment of five shillings to poor men who had reached the age of 70. However, at that time the average lifespan was just 50 years old and generally much lower for the poor.