MP thinks some women should get early retirement

15 March 2016

pensioner A committee of MPs has said that the government should think about giving some women access to their pension early, provided they accept lower weekly payments. This applies to women who have voiced their concerns about not being given enough warning that the retirement age was being increased to 66, from 60, by 2020.

It was decided, through the 1995 Pensions Act, that the pension ages of both men and women is going to be the same age by 2020, where previously, women retired at 60, and men retired at 65.

Of course, some men are going to be wildly irritated by this, and of course, women who feel they weren't given enough time to prepare for this eventuality will be irked by the prospect of lower payments. The women being talked about in this particular instance were born between April 1951 and 1960.

Over 130,000 people have signed a petition, which asks for "transitional arrangements" to help this group of women out with the changes that have been put in place.

Either way, the Work and Pensions Select Committee think it could be just the solution, saying that this will fix the problem at no extra cost to the Government's coffers. The Government, of course, are saying that women were clearly told about these changes.

This is mainly a concern for those women who were born in the '50s, and it is though that there is around half a million women who are affected by this. Thus far, the Government aren't interested in changing anything, sticking to their guns and noting that there's going to be great expense in recalculating pensions, which of course, the taxpayer will foot the bill for.

The committee's report says that this group of women would get "slightly" lower weekly payments over the course of their whole retirement.

Either way, if you want to have a look at the Government's pension calculator, and work out what's going on with your retirement, then you should click here.

TOPICS:   Banking   Investments   Government

1 comment

  • Mr C.
    So 25 years isn't long enough to prepare?!

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