Pensions Bill And Pension Age For Women

Andrew George MP has signed EDM1524. Motion reads: “That this House notes that the Pensions Bill currently before Parliament accelerates the rise in pension age to 66 for women from the originally planned date of 2026 to 2020; further notes that this will delay 2.6 million women born between 1953 and 1959 from receiving their state pension by periods of up to two years causing a projected loss in lifetime pension income for them of up to 9 per cent.; further notes that the Department for Work and Pensions Impact Assessment admits that, `The proportionate loss of lifetime pensions income for women affected by the maximum increase of two years would generally be greater than for their male contemporaries’; believes that it will be very difficult for many of these women to make appropriate financial arrangements in time to make up for the shortfall; and calls on the Government to rethink its retirement timetable in the Bill so that these women have a fairer chance to plan and save for their retirement.”