Independent Financial Life Planners Bishop's Stortford: Women’s pensions campaign

Sunday, 17 January 2016

Women’s pensions campaign

Recently a campaign criticising ‘unfair’ increases in the state pension age for women born in the 1950s recently reached the 100,000 petition signatures needed for the matter to be debated in parliament. Enable’s IFAs in Bishop’s Stortford are often called on to advise about pensions and it was the 1995 Pensions Act first which first set out the incremental women’s state pension age (SPA) rise from 60 to 65 to equalise with men’s, but then the 2011 Pensions Act speeded up the women’s SPA so it would hit 65 by 2018 and both men and women would have a retirement age of 66 by 2020. This would mean that some women would have to wait an extra 18 months to receive their state pension which seems unfair to many.

In its response to the SPA petition, the Department for Work and Pensions said it would not be revisiting the arrangements, and that all women affected have been directly contacted following the changes. ‘The policy decision to increase women’s SPA is designed to remove the inequality between men and women,’ the DWP said. ‘The cost of prolonging this inequality would be several billions of pounds. Parliament extensively debated the issue and listened to all arguments both for and against the acceleration of the timetable to remove this inequality. The decision was approved by Parliament in 2011 and there is no new evidence to consider.’ The 2014 Pensions Act does however provide for a six-yearly review to take into account up-to-date life expectancy data and the findings of an independently-led review. But in the meantime you may want to look at your pension options with Enables experienced IFAs in Bishops Stortford.

Source: City wire

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

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