Older women could get the option to retire earlier.
From 2020, both men and women’s state pension age will be changed to 66 with that age increasing to 67 from 2026. Women in their 50’s were given little notice that they were expected to work longer before their retirement.
The current state pension age at the moment is 65 for men and 60 for women. This means hundreds of thousands of women born in the 1950’s have had their retirement plans set back by the new state pension age increase.
A committee of MP’s are now trying to encourage government action. The campaign is being put forward in the hopes that an arrangement will be arranged will be made so that women will get the chance to give up work earlier in return for a reduced pension.
The Guardian says: ‘It has emerged that the government did not write to any women affected by the rise in the pension age for nearly 14 years after the law was passed in 1995.
A summary of the report said the committee considered a number of possible options for recalculating women’s pensions for those born in the 1950s, but found most were too expensive.’
Women who are retiring today can still expect to receive the state pension for 26 years on average. This is four years longer than men.