Government improves pension changes for women
The Government has announced plans to delay the date that the state pension age rises to 66 from April 2020 to October 2020.
The move will benefit a quarter of a million women and ensure that no-one will have to wait more than 18 months longer than they would have expected prior to the changes.
It will follow the equalisation of the state pension age between men and women, at 65, in November 2018.
The Government has brought forward the increase in state pension age to 66 because of dramatic increases in life expectancy and the need to ensure that no unfair burden is placed on the next generation. When the State Pension Age was set at 65 for men in1926, there were nine people of working age for every pensioner. There are now three people of working age for every pensioner and that is set to fall to nearer two by the end of this century.
Harriett Baldwin, MP for West Worcestershire and member of the Work and Pensions Select Committee, welcomed the decision to cap the increase at a maximum of 18 months.
She said: 'This is great news for the 245,000 women around the country who will benefit from this change. It shows that the government has listened to the concerns of those who would have been worst affected by the increase in the state pension age. This means that nobody will have to wait more than 18 months longer to receive their state pension.'
The Government will also spend £45 billion extra on pensioners by 2025 because of the triple guarantee to uprate the basic State Pension by the highest of earnings, prices or 2.5 per cent.