Inspiration Of The United Kingdom's Postponing Retirement Age System

With the changing population structure, UK is facing a grim tendency of aging population. The pension contributory age is too high; pension level is too high;pension service demand is increasing; pension funds are not safe enough; the investment return is getting lower. Base on above background, the UK government is under practice a policy of postpone retirement age. China's aging population tendency is as worse as UK's. The pension system is incomplete either. The government will be under the pressure of pension payment in the future. Thus, this article is aiming to offer suggestions to China's related government department by stating the practice of UK's postpone retirement age and comparing pension policy of China and UK.Via collecting, compiling, comparing and analyzing by using literature research method and comparative analyze method, this text is following below lines: first of all,introducing the topic selecting background; next, analyzing and summarizing the background of UK's policy of postponing retirement age in detail; Furthermore,elaborating the adjustment policy of UK's postponing retirement age, comparing the pension system structure of China and UK, and analyzing the adequacy, affordability,sustainability and stability of China and UK's pension policy by using world bank pension system evaluation system. At last, by analyzing the adjustment of UK's postponing retirement age and comparing China's pension policy with UK's, this text comes with some inspirations for China's postponing retirement age: postponing retirement age is not the only way to solve aging population and pension payment crisis. China can develop the economic, perfect the pension system, build up a completed the pension service, standardize pension payment system, reform the pension investment management mode and increase the investment efficiency to increase the pension funds so as to reply to the aging population and to keep the pension system sustainable. In China, many people are “retired” or retire in an early age. So it is more urgent to standardize the retirement age than postpone retirement age.