A government pension is a fund into which a sum of money is added during the period in which a person is employed by the government. When the government employee retires they are able to receive periodic payments from the fund in order to support themselves. As the birth rate continues to fall and the life expectancy rises governments worldwide are predicting funding shortfalls for pensioners. Men over the age of 65 and women over 60 are eligible for government pensions. By 2046 the retirement age for both men and women will rise to 68.
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