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McClymont: Speeding up rise in state pension age may hit public confidence

Shadow pensions minister Gregg McClymont has warned the Government plans to accelerate the rise in the state pension age will undermine public confidence in saving policy.

Amendments to the Pensions Bill announced earlier this month scale back the timetable for increasing the state pension to 66 by six months to October 2020 due to concerns over the impact the decision would have on some women.

Speaking at the NAPF conference today, McClymont said the DWP’s decision to cap the rise at 18 months undermines the credibility of UK pensions.

He said: “This is an issue of fairness but it is also an issue of the pension system’s credibility. How can we expect to encourage pension saving if there is uncertainty in peoples’ minds about the rules of the game?

“The Pensions Policy Institute has been clear that 10 years’ notice should be given for changes such as these.”

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  1. You are so right Mr McClymont but the Coalition refuse to admit the unfairness of this age rise which targets the same group of women for the second time. The few crumbs in the 6 month delay they have thrown isn’t much help at all, there is still no time to replan or to save so there is no choice for women but to work with age related complaints, and carry on paying in contributions totalling in some cases 50 and 1/2 years whilst blocking jobs desperately needed by unemployed young people living on benefits who have contributed nothing. 500,000 hard working women have been betrayed !

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