Pension age change leaves older women poorer, says IFS

Report on effects of raising female state pension age

clock • 3 min read

More than one million women between 60 and 62 are £32 a week worse off because of delays to their state pensions, according to a report by the Institute for Fiscal Studies (IFS).

While poverty rates among that group have risen sharply, the report said, the resulting savings, in combination with extra tax from working women, meant the state was £5.1bn a year better off. The BBC quoted the government as saying its pensions policy was "fair and sustainable" and matched continuing rises in life expectancy, and the campaign group Waspi (Women Against State Pension Age Inequality) describing the research as shocking. "Once again, this shows the government has implemented state pension age reforms without adequately considering the full impact of these changes on the...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

How advisers can play a role in boosting wellbeing in retirement

How advisers can play a role in boosting wellbeing in retirement

A happy retirement is the 'north star'

Cecilia Furner
clock 08 November 2024 • 3 min read
Partner Insight: Embracing the future of retirement planning

Partner Insight: Embracing the future of retirement planning

Brooks Macdonald
clock 31 October 2024 • 2 min read
Pension tax rules uncertainty shows 'need to shift retirement planning'

Pension tax rules uncertainty shows 'need to shift retirement planning'

Needs to include wider considerations of capital drawdown beyond pensions

Isabel Baxter
clock 24 October 2024 • 2 min read