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Thinking and planning ahead is imperative – should the pension age be increased further? Can we continue to provide the full range of pensions and benefits that are currently available?


returns, has allowed the scheme to build up the reserves it has today, and means that we have time to consider any future changes that may be necessary.


Secondly, in 2011, the States decided to increase the Social Security pension age from 65 to 67 for people born after 1 March 1964. For those born between 1955 and 29 February 1964, the Social Security pension age increases, but by less than two years. This change will affect people from 2020 onwards and be completed in 2031.


What we are doing now Today, the Social Security scheme is collecting a similar amount in contributions as it is paying out in benefits. As the number of pensioners increase, so the balance will tip and contributions will not be enough to cover the cost of all the benefits. This will require changes in the way that Social Security works in the 2020s.


In October 2016, I launched a major review of the Social Security scheme which will run over several years. The first part of the review is a public consultation called “Living Longer: Thinking ahead, Social Security and Income in Retirement”. This consultation aims to raise awareness of the issues that we face and understand the public’s views on living longer and having a longer retirement.


outcome from this first part will feed into options to ensure that the government can play the right role in helping people to save for retirement. It will also help to identify


Page 20 An Ageing Island areas where changes can be made to the scheme itself.


Thinking and planning ahead is imperative – should the pension age be increased further? Can we continue to provide the full range of pensions and benefits that are currently available?


The other ways that people prepare


for retirement must also be considered; for instance - working longer, building up savings and wealth, or paying into a personal or workplace pension – what is right for Jersey? In particular, the question of whether to introduce a secondary pension scheme will be looked at.


This consultation is available to view online at www.gov.je/socialsecurityreview or hard copies can be found in Parish Halls and the library as well as from the Social Security Department.


Long Term Care Scheme


Another key financial challenge is the growing cost of long term care needs, as the number of older people living in Jersey rises steadily. Having long-term care needs means that you require substantial help with daily activities.


The


To help address this challenge, the States introduced the Long Term Care benefit in 2014 to provide financial support to Jersey residents who have long term care needs, either in their own home or in a care home. Around 1,200 adults are receiving support through this scheme at any one time.


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