Working past 50 will get you nothing!: says new rule

People may have to rethink the age they wish to retire, as new pension rules are not paying workers a penny after they reach the age of fifty.

This could ignite stark change in the workplace, as actuarial firm Willis Towers Watson warns that it could lead many to lose the incentive to work into middle age.

Under the old state pension system, you could keep receiving  pension benefits right up until retirement.

But under the new model the maximum amount, currently £160 a week, is received in return for 35 “qualifying” years of employment. Any years you work beyond that do not increase your pension.

“It will be normal for someone who is constantly employed after leaving full-time education to max out their state pension in their fifties,” said David Robbins, of Willis Towers Watson.

If National Insurance will no longer pay into their pension, many middle age workers may start to see it as an unfair tax on their income.

A spokesman for the Department for Work and Pensions defended the welfare and health benefits of National Insurance, but it does remain controversial.

With people now afforded the full state pension after 35 years it is possible that someone as young as 41 today could be guaranteed the full amount. According to the new rules, this person would still be expected to retire at 68, meaning the last three decades of his career would add nothing to his pension.

The Department of Work and Pensions insists the new pension is clear and simpler than the old one, but the public may not agree.