Ros Altmann on why women STILL lose out in retirement https://t.co/7TeKwYkhdF #iverWomen November 06, 2018 at 05:14AM Women and men's state pension age might finally be equal, but unfairness persists and is even popping up in new places, according to former Pensions Minister Ro… pic.twitter.com/qqwDIVJjGy
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November 06, 2018 at 05:28AM
Women and men’s state pension age might finally be equal at 65, but unfairness persists when it comes to retirement finances.
That’s according to former Pensions Minister and campaigner Ros Altmann.
She tells This is Money of 10 ways she believes women are still penalised on pensions – and the potential solutions.
Men and women’s state pension ages will be equalised today.
After decades of difference – when women received their state pension at 60, while men had to wait until 65 – this is the historic date when women and men will both have a pension age of 65.
Women’s pension age has been rising since 2010, under legislation passed in 1995, but new measures in 2011 accelerated the increases and the pension age for both men and women will keep rising to 66 by 2020.
But equal state pension age does not mean pension equality. Women have always had lower pensions than men, leaving them at greater risk of later life poverty, especially as women tend to live longer than men.
An increasing proportion of women are single and cannot rely on a partner’s pension for retirement income.