Reports from the retirement finance writers suggest that, beginning next month, up to 185,000 women will be told by the Pensions Service that they should expect to receive their pension up to one year later than the usual age of 60.
For the first time since its inception, the minimum age for female pensions – currently set at 60 – will be going up for those born on or after 6th April 1950. It seems this change will be rolled out in steps of 12 for those born between 6th April 1950 and 5th April 1955. Those who are born after the 5th of April 1955 will not get their state pension until they turn 65, at the very earliest.
One imagines the government’s hand has been forced by the ever-increasing life expectancy in the UK. If their hand has been forced, then, pragmatically, they must follow this action up with increased public awareness about the importance of private pensions.