State Pension Age warning
Published on 06 October 2011 02:30 PM
38,100 women in Wales will have to wait longer to receive their State Pension because of UK Government proposals.
2,700 of them will have to wait an extra two years, which will cost them an average £10,000 each in lost State Pension income, according to Age Cymru.
Our Campaigns Coordinator Rhea Stevens explains:
"We are very concerned about the UK Government's current proposals.
"The UK Government's original plan was to gradually increase the State Pension Age for women to 65 by 2020, to bring it into line with men's State Pension Age.
"This was set to 66-years-old between 2024 and 2026.
"But recent changes to those plans that are outlined in the Pensions Bill will see the State Pension Age for women rise to 65 by 2018, and 66 for everyone by 2020.
"Age Cymru is very concerned by these proposals because they do not give women long enough to prepare financially for retirement."
Age Cymru and its sister charity Age UK, want the UK Government to stick to its original plans and not speed up the increase in the State Pension Age.
Rhea Stevens explains:
"We think the UK Government is right to look at reforming the pensions system - after all, we have an ageing population, but this is too much, too soon.
"But with these proposals, the UK Government is going to end up hurting this hard-working group of women who believed their retirement was just around the corner."
She concludes:
"The Pensions Bill - which faces its first Parliamentary vote on 18 October, must be amended to ensure that the original timetable for raising the State Pension Age remains in place and any increase to the State Pension Age beyond 65 does not start until at least 2020."