Government amends planned hikes in state pension age - NAPF comment | Pensions and Lifetime Savings Association

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Government amends planned hikes in state pension age - NAPF comment

13 October 2011

The UK’s leading voice of workplace pensions commented on today’s (Thurs) announcement to delay planned rises in the state pension age for men and women.

Joanne Segars, Chief Executive of the National Association of Pension Funds, said:

“This takes some of the sting out of what was a very raw deal for many women.

“A quarter of a million women who were set to wait up to two years longer for their pension will now see that wait capped at 18 months.

“This is a useful bit of leeway. People need time to prepare their finances for the transition into retirement, and there’s now a clearer ceiling on what to expect.

“But a lot of women in their late 50s are still being told to wait another 18 months, and many will struggle to bridge the gap. The Government could have done a bit more to give them extra notice.

“As we all live longer we are going to have to work longer. The state pension age for women should be brought into sync with men's, but it needs to be done fairly.

“The trade-off for working longer must be a more generous state pension that sets a clear foundation for retirement.”

Notes to Editors

1. Joanne Segars is available for interview.

2. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion.

Contacts:

Paul Platt, Head of Media and PR, 020 7601 1717 or 07917 506 683. [email protected]

Christian Zarro, Press Officer, 020 7601 1718 or 07825 171 446. [email protected]