If you reduce the normal retirement age to 60, you get rid of 2), therefore don't have a "double whammee"
You believe in Faries as well?
NO! the robbing white-collar crooks will screw you even harder!
their job is to syphon off as much of your contribution as they can get away with, then, fromthe balance, pay as little out as they can get away with, until you croak, whereupon they confiscate the jackpot.
Retire earlier = shorter contribution period = less compound interest accumulating in the pot , before they start sharing it with you.
Earlier retirement = longer retirement = lower pension from the smaller pot.
The
THEORY sold to us, was the capital would be repaid as part of the pension, thus, Mr. Average would get a very good return on his notional pot and when he died, the pot would be empty....no capital left and no interest.....But, of course, they realised they could use the system to short-change us and ,Actuaries being what they are, more snuff it leaving a large residue than those who survive over the mean average and start to "win"
Financial services = con-merchants.