Pension age raised to 67 from 2030

In practice those that started work young will be able to retire younger as the number of years a person has worked will be decisive in defining the age at which people can retire.

Furthermore the new pensionable age will not apply to everyone. Those working in “physically demanding professions” will be able to retire earlier. The first task of the new National Pension Committee’s will be to draw up a list of “physically demanding professions”.

It will still be possible to take early retirement, albeit a little later than at present.

For example, while three years ago you could take early retirement at 60 after having worked 35 years, you now have to wait until you are 61 and a half and have worked for 40 years.

Between now and 2019 this will increase gradually until the minimum age for early retirement has reached 63 with 42 years in work. However, those that started work at an exceptionally young age will still be able to retire at 60 or 61.