UK. Government banks £5bn by delaying 1.1m women’s state pensions
The Government has saved more than £5bn as a result of raising the age at which women start receiving their state pension, a new report has found.
The figure – which has been calculated by the authoritative think tank the Institue of Fiscal Studies – is the first to attempt to quantify the benefit to the Exchequer of making a cohort of women wait as long as six years for their state pension.
It will fuel the anger of those women, born in the Fifties, who claim they were not given adequate warning of the change. Many say they have been unable to prepare for the delay in receiving a retirement income from the state.
Moves to bring women’s state pension age into line with men’s began in 1995, based on an argument that women’s greater average longevity meant they should not be claiming the state pension earlier than their male counterparts.
Women had been able to receive their state pension at 60, and the initial plans were to raise this to 65 over a ten-year period beginning in 2010.
Read full news here: Telegraph
