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State pension age: the changes explained
Originally posted by 5corpio
Millions of people will have to wait longer to collect their state pension. The following Q&A explains why these changes are being brought in and who will be worst affected.
Q: What are women protesting about?
A: The protest is about the Government's plans to raise the age at which people collect their state pension from 65 to 66 – so making a considerable saving to the public purse.
Q: I thought this was already happening. Aren't we all going to be working until we are 70 anyway?
A: This has been planned for many years, but the Coalition plans to speed up the timetable, so people will retire at 66 in 2020 rather than in 2026. There are also plans to extend the age until 68, but this isn't being accelerated at present.
Q: Why are women particularly badly affected?
A: Until very recently women retired at 60 and men at 65. We are currently in a process of equalising these ages, with the original aim being for these ages to be equalised by 2020. But the Government now plans to bring in much faster changes, which will see women retire at 65 by 2018.
Q: Who is worst hit?
A: Women born between October 1953 and March 1955 will now see their pension age pushed back by more than a year. The exact delay will depend on the month in which they were born. Those who have drawn the short straw are women born between March 6 and April 5 1954, who face a full two-year delay. Under current rules these women would b...............
Read more HERE
Q: What are women protesting about?
A: The protest is about the Government's plans to raise the age at which people collect their state pension from 65 to 66 – so making a considerable saving to the public purse.
Q: I thought this was already happening. Aren't we all going to be working until we are 70 anyway?
A: This has been planned for many years, but the Coalition plans to speed up the timetable, so people will retire at 66 in 2020 rather than in 2026. There are also plans to extend the age until 68, but this isn't being accelerated at present.
Q: Why are women particularly badly affected?
A: Until very recently women retired at 60 and men at 65. We are currently in a process of equalising these ages, with the original aim being for these ages to be equalised by 2020. But the Government now plans to bring in much faster changes, which will see women retire at 65 by 2018.
Q: Who is worst hit?
A: Women born between October 1953 and March 1955 will now see their pension age pushed back by more than a year. The exact delay will depend on the month in which they were born. Those who have drawn the short straw are women born between March 6 and April 5 1954, who face a full two-year delay. Under current rules these women would b...............
Read more HERE