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Pension age change to benefit women

A delay in the introduction of a later state pension age is set to benefit thousands of women.

The Department for Work and Pensions said the move to a new pension age of 66 for both men and women will be postponed by six months due to concerns raised about the financial consequences of the reform.

Rather than altering in April 2020, the change from the pension age of 65 will take place in October 2020, bringing financial benefits to 33,000 women approaching retirement.

The change to the Pensions Bill, which is currently being debated in Parliament, is expected to cost the Exchequer about £1.1 billion. However, Work and Pensions Secretary Iain Duncan Smith said it was right to listen to the concerns of women and to achieve a fair transition to the new arrangements.

 

As a result of the amendment to the Bill, no-one will have to wait more than an extra 18 months before they can claim their state pension.

Mr Duncan Smith confirmed the Government wanted to "manage any change fairly and ensure any transition is as smooth as possible".

Copyright © Press Association 2011

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