A compromise on state pension reform for women?

Speaking at the Liberal Democrat party conference pensions minister Steve Webb defended plans for a £140 per week flat rate state pension and also indicated that he was willing to compromise so women were not unfairly affected by changes in the retirement age. Changes in retirement age The coalition have previously announced that the retirement age would be changed to 66 for both men and women from 2020, six years earlier than had previously been planned. Many people thought this change was unfair with 330,000 women born between April 1953 and September 1960 most severely affected, having their retirement age put back by ...

Government say state pension age is rising too slowly

Iain Duncan Smith has said that the government believes the state pension age is rising too slowly. In an interview with the BBC, Work & Pensions Secretary Iain Duncan Smith said, "We've always said that the timescale left by the last government was too slow." The state pension age is currently set to rise to 67 by 2036 and to 68 by 2046 and whilst it has been stressed that a final decision has not yet been reached, it is clear that the government are considering other options. Mr Duncan Smith continued, "The [last] government left us with a deadline in the 2030s ...

New state pension proposals: Are you a winner or loser?

Investment Sense Verdict_istockUpdated 15th January 2013: Over the past few days the media have extensively covered the proposed government reforms of the State Pension system and the announcement of a new flat rate State Pension. Under the proposals a new flat rate State Pension will be introduced, "not before" April 2017, of £140 per week. After adjustment for inflation this would be approximately £160 by the time it is introduced. To qualify for the new flat rate an individual would need to ...

Men and women retiring later

Workers are delaying their retirement and staying in paid employment for longer. Retirement figures show that both sexes are opting to give up work later. The average age that men and women choose to retire has risen over the years, according to figures revealed by the Office for National Statistics. Between 2004 and 2009 the average age at which men stopped working rose from 63.8 years to 64.5. During the same period the average retirement age of women increased from 61.2 to 62 years.