Independent Financial Life Planners Bishop's Stortford: Generation of women betrayed over state pension

Thursday, 17 September 2015

Generation of women betrayed over state pension

Millions of older women in their late 50s and 60s, have been trapped by changes to the state pension system which has increased the age at which they can claim and has radical overhauled the way pay-outs are calculated. Many now won’t even be able to claim a state pension based on their husband’s records — despite being assured they would be able to when they chose to give up years of their life to support his career and raise a family.

In 1940, the state pension age for women was set at 60; for men, it was set at 65. In 1995, the then Conservative government decided to equalise the retirement ages between the sexes. A law was passed that would raise the state pension age for women from 60 to 65 between 2010 and 2020.
In 2007, the then Labour government announced that the pension age for both men and women would rise to 66 between April 2024 and April 2026. The state pension rises for women began to take effect in 2010, but then Chancellor George Osborne announced a much quicker schedule meaning the rise to 65 would happen between 2016 and 2018, and then both sexes’ pension age would rise to 66 by 2020.

These changes have been confusing and the current retirement age for women goes up every few weeks. Women are also at the sharp end of more changes to come, as of April next year, everyone reaching state pension age will be able to claim a new flat rate pay-out of £148.40 a week. If you are worried about your pension Enable’s experienced IFA’s can help you look at your options.

Issued by: Enable Independent Financial Life Planners  25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339  Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

No comments:

Post a Comment

IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.