A British government-commissioned report has declared that the country must raise its retirement age as high as 69 by 2050 and increase the minimum state pension to meet the demands of a population that is living longer and having fewer children. The report proposed a national savings plan under which employees would pay a minimum 5 percent of their earnings into a pension pot. Tax relief from the government would cover a fifth of that contribution.
See "Britain Considers Raising Retirement Age", Associated Press, The New York Times, November 29, 2005