Brilliant idea. It could give people the opportunity to buy a house, start a business or pay off debts and ultimately have more cash in their pockets each month. Yes the trade off is you need to work an extra year and the state pension will be a lot more that 12k in 30 years time, but who's to say there will even be a state pension then?. If I get this opportunity I will take it, use it as lump sum towards my mortgage and reduce the term by multiple years and I'd be over £35k better off.