The Government’s plans to accelerate the state pension age increases mean that 500,000 women will have to wait for more than a year longer before receiving the state pension, leaving many women aged 56 and 57 feeling robbed.
300,000 women born between 6 December 1953 and 5 October 1954, will have to wait an extra 18 months, and an unlucky 33,000 born between 6 March 1954 and 5 April 1954 will have to wait an extra two years before being entitled to their state pension.
The majority of these women will already be well underway in their plans for retirement, with many already working reduced hours in order to care for grandchildren or elderly parents. Yet they are now being forced to make significant changes to their financial plans, with just five years notice before the changes kick in.
The unlucky 33,000 born between 6 March 1954 and 5 April 1954 are set to lose around £10,000 in lost state pension or more than £15,000 if they get the full pension credit, with less than seven years to attempt to accommodate the change.
I have been contacted by many concerned constituents about this matter; 1,200 women in the Rother Valley alone are being made to wait up to two years longer for their state pension.
The Government could have saved money without unfairly impacting women. They could have dealt with increasing life expectancy but not increased anyone’s pension age by more than a year. They could have chosen a fairer path.
Indeed, the coalition agreement promised that the changes would not be made so quickly – but instead they will be coming in before 2020. I promise I will fight this Government on these unfair changes.