As the Government's new Pensions Bill get closer to its final reading in Parliament, here’s a quick guide to what's been said, and what these changes could mean for you.
An increase in the State Pension Age - The first key reform in this Bill is the increase in the State Pension Age; this is different from, and not linked to the Default Retirement Age, it is the age at which eligible people begin to receive their state pensions.
How the changes will be brought through - Under the current rules, the State Pension Age for women is in the process of rising from 60 to 65 to equalise with men; and then state pension age for both men and women was due to increase from 65 to 66 between 2024 and 2026. The Pensions Bill is bringing forward the timing of equalisation and the rise in the State Pension Age from 65 to 66 for both men and women.
Under the new legislation, women’s state pension age will reach 65 by November 2018.
The rise from 65 to 66 for both men and women will happen more slowly than the Government had originally planned and will be complete by October 2020.
The Government's change will lead to an earlier state pension age for just under half a million people. It particularly affects women born in 1953 and 1954 many of whom previously faced a delay of up to 2 years before they could claim their state pension.
APA is appalled that UK Government can equalise pensions; disadvantaging women, while they still struggle to address the lifelong wage imbalances between men and women (but then the Minister for Women [Home Secretary, Theresa May], is still focused on cats!).
APA
APA
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