inside Increase in women’s state pension age is the right decision
Stuart Price, Partner and Actuary at Quantum Advisory in Bristol, looks into the controversy surrounding the recent increase in women’s State Pension age.
November saw the State Pension age for women increase to 65. While there has been criticism of the move, the age rise has been on the cards since 1995 when John Major’s Conservative government decided to equalise it for both men and women. The age at which both genders can collect their pensions will further increase to 66 by October 2020 and 67 in 2026.
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So is it fair that women now have to wait as long as men to retire with a State Pension? Some argue that women born in the 1940s and 1950s have been caught in the middle of the changes and did not have time to prepare themselves for the additional wait. They also say they were not given sufficient information, or details they were given came too late.
Women Against State Pension Age Inequality (WASPI) is one such group fighting for women’s rights, alongside former Pensions Minister, Ros Altmann, who has also spoken out about the inequality. Despite requesting an intermediate pension until they are entitled to the State Pension at 65, and following numerous debates in Parliament, those in power have outright refused to make any changes. The current Pensions Minister, Guy Opperman, insists that WASPI’s complaint was investigated but no ‘pension in lieu’ will be provided.
Unfair as it may be, in the current economic climate it is difficult to see where any funds would come from to pay a ‘bridging’ pension to those affected.
Quantum Advisory provides pension and employee benefits services to employers, scheme trustees and members.
For more information about Quantum Advisory, please visit: www.quantumadvisory.co.uk
T: 0800 170 1133 Trym Lodge, 1 Henbury Lane, Henbury on Trym, Bristol BS9 3HQ
We also provide comprehensive regular and year-end accounting services for sole traders, small businesses, corporates and charities, with a focus on ethical business practices.
For a Tax Specialist, Advisor, or Accountant in the Bristol or Wesbury-on-Trym area that really listens to you, come and talk to Phillip Corbin.
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