Drastic changes to the retirement age have left many confused about just when people – particularly women – can expect to give up work.
This has been most evident in relation to the WASPI women who expected to retire at 60 but were then told they would have to wait until 65 or even older.
The Parliamentary and Health Service Ombudsman has ruled that there was a failure to properly notify the women involved and indicated they deserve compensation of between £1,000 and £2,950.
The government has apologised, however this has proved cold comfort to the more than 3 million women who may well have lost £40,000 and potentially more in terms of State Pension payments.
The initial decision to equalise the state pension age for men and women at 65 was made by former Conservative Chancellor, Kenneth Clarke, in 1995. It was then phased in between 2010 and November 2018.
Subsequently, the Conservative Chancellor, George Osborne, brought forward the increase in the state pension age to 66 to between 2018 and 2020.
He then brought forward a further increase taking it up to the age of 67 to between 2026 and 2028, while a further rise to 68 is in the pipeline.
Our ready-to-go pension calculator reveals when you can retire and what age you will be.
Speaking on the WASPI issue Pete Mugleston, MD and money expert at www.onlinemoneyadvisor.co.uk, told Express.co.uk: “The Government’s initial stance suggested a reluctance to comply with the compensation recommendations, citing budgetary constraints and differing interpretations of the law.
“However, public and parliamentary pressure, as well as continued advocacy from groups like WASPI, could influence a change in position.
“We could also see some movement on this in the upcoming election as neither party will want to alienate WASPI pensioners ahead of the vote.”
