Published On: Wed, Jul 17th, 2019

State pension age for women: Amber Rudd SHREDS WASPI women’s state pension age hopes | Personal Finance | Finance

Pensions Secretary Amber Rudd has said she was “sceptical” that the women born in the 1950s who were affected by the changes to the state pension age would get additional support. It comes after Boris Johnson said he would “commit to doing everything I possibly can to sorting out” the issue, if he became Prime Minister. On Tuesday night, Ms Rudd told the Mirror: “I’m slightly sceptical at holding out hope for any additional support for WASPI women… people who feel they have lost out by the rising pension age and claim, believe, they haven’t been told in time about it.

“At the moment the Treasury has been very resistant to supplying any additional funds.

“We will see whether a new Prime Minister takes a different view. But at the moment there is no prospect of that changing.”

Speaking at an event hosted by the Politico website, she continued: “As I’m sure you’re aware, there was a move to make a contribution a few years ago – so there was some top up to the existing position.

“I didn’t hear Boris, I’m afraid, make that statement. I haven’t been totally faithful to watching all the hustings, but I will subsequently take a look.”

The state pension age for women previously stood at 60, while it was 65 for men.

Changes to the state pension age for women rose under the Pensions Act 1995, starting in 2010, affecting millions of women.

Under the Pensions Act 2011, the increases were accelerated, resulting in women’s state pension age reaching 65 in November 2018.

A £1.1 billion concession was made when the legislation was in its final stages, due to concerns expressed at the short notice of significant increases for some women.

This limited the maximum increase at 18 months under the Act.

Now, the state pension age for men and women is rising, and due to reach 66 in October 2020.

Campaigners have said the change came with too little notice.

The campaign group Backto60 sought a judicial review into the changes, with the matter being heard at the High Court last month.

READ MORE: State Pension age: ‘We want FAIR equality’ – campaigners speak out as review begins

The Department for Work and Pensions have estimated the cost of reversing state pension age changes for women from both Acts, over the period of 2010/11 to 2025/26, to stand at a total of £181.4 billion.

The cost of reversing men’s state pension age changes would come in at a cost of £33.8 billion for the same time frame – with the total cost for both men and women estimated at £215.2 billion.

Women Against State Pension Inequality (WASPI) is calling for “fair transitional arrangements” in order to help women financially – rather than the return to the state pension age for women being 60.

READ MORE: Pension GAP: Figures show women £106,000 worse off in retirement ‘SHOCKING pensions gap’

Source link

Most Popular News

State pension age for women: Amber Rudd SHREDS WASPI women’s state pension age hopes | Personal Finance | Finance