Half a million women 'let down' by the government on pension plans

Around half a million women in the UK have been let down by the government this week, according to Dr Ros Altmann.

The investment expert said that MPs have failed to amend the "unfair timetable planned for state pension age increases".

Those looking at best savings rates were told that women in their late 50s have been singled out to "bear the brunt of the government's plans to save money on state pensions".

"Worryingly, it became clear in the Committee Debate that many of those who will be affected do not even yet know what will happen and there are only five or six years left before the changes start," Dr Altmann added.

The expert advised the government that increasing the retirement age to 66-and-a-half by 2025 would save even more than the anticipated £30 billion over the same period of time, while also increasing pension age in order to cut costs.

According to the Guardian, the Pensions Regulator will say today July 7th that a survey shows pension charges should be "transparent and comparable", helping employers and members to better judge value for money.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2011-07-07 11:25:05 © Moneyextra.com