Responding to the details of the increase in the State Pension Age to 66 published today by the Government, Joanne Segars, Chief Executive of the NAPF, said:
“As we all live longer increases in the state pension age are necessary. Around 4.9 million people will see their state pension age changed and the measures will save £30.4 billion between 2016 and 2025.
“The reforms are inevitable but must be handled fairly. Women, particularly those in their late 50s, will feel the brunt of these changes. Although women are likely to enjoy a state pension for longer than men, that pension is the worst in Europe.
“The Government must provide a more generous and simpler state pension. This would make the hike in pension age fairer to both men and women. The trade-off for working longer should be a better pension.”
Notes to Editors:
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. NAPF members also include over 400 businesses providing essential services to the pensions sector.
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