Author: Age UK
Published on 02 August 2017 12:01 AM
Age UK has called the impact of the State Pension Age rise for women over the past six years ‘extremely worrying.’
- The State Pension Age for women rose from aged 60 to 63 between 2010 and 2016
- According to an independent report there have been some benefits to the UK economy
- Age UK has raised concerns over the 1 million women who are now worse off by an average of £32 a week.
Since the Government decided to raise the women's State Pension Age, 1.1 million fewer women are receiving a state pension and the Government finances have been boosted by £5.1 billion per year.
Employment rates have also gone up significantly for women in their early 60s, increasing their earnings by £2.5 billion.
However, these figures do not tell the whole story. Household incomes for women in this category have fallen by 12% and the poverty rate has gone up sharply - by 6.4%.
Age UK’s Charity Director Caroline Abrahams raised the charity’s concerns:
'It’s extremely worrying that the rise in women’s State Pension Age (SPA) has pushed some women into poverty. While it may have encouraged a number to work longer, many women in their sixties were simply not aware of the rise in SPA and, as was predicted by experts, they have either had too little time to make adequate preparations or have been unable to continue working due to ill health, caring responsibilities or unemployment.'
Forced onto a benefits regime
Caroline Abrahams continued by explaining that:
'Going forward, as SPA rises we are very concerned that millions of women and men in their late fifties and early sixties today will have to wait longer for their State Pension than they had reasonably hoped and expected, forcing them onto a benefits regime that was not really designed for them.
'A lot more support should be given to those who are badly affected by increases in SPA, like those on a low income who are completely or mainly reliant on the State Pension to help them get by in retirement.'
For more information:
Call Age UK Advice: 0800 678 1174