View more on these topics

MPs to take more evidence on early state pension access

Parliament-UK-London-Building-Fog-700x450.jpg

The Work and Pensions committee has called for more evidence to explore its proposal of early state pension access for women born in the 1950s.

The committee called on the Government to look into early access as an option for women affected by the rapid escalation of the state pension age put into place by legislation in 2011.

In particular, the committee suggested allowing early access in exchange for lower weekly payments for the duration of retirement.

Through launching the call for evidence, the committee now hopes to focus debate on this option as its preferred method of supporting female retirees.

It hopes to receive submissions looking at the short and long-term impacts of a scheme it hopes will be “actuarially neutral”.

Hargreaves Lansdown head of retirement policy Tom McPhail says: “This is a forthright move by the select committee, which seems determined not to let the Government off the hook on this contentious issue.

“After several parliamentary debates and repeated refusals by the DWP to countenance any changes to policy, the select committee is now set to explore in more detail a measure which could ameliorate the situation of the affected women, without costing the Government any money.”

The call for evidence comes in response to mounting pressure for the Government to improve transitional arrangements for women affected by the Pensions Act 2011. The Act accelerates the equalisation of men’s and women’s state pension ages, bringing forward the change to November 2018.

However, campaigners argue the move was poorly communicated and did not give women enough time to plan for retirement.

Recommended

3

MPs propose early state pension access for women

The Work and Pensions committee has called on the Government to allow women affected by hikes in the state pension age to take their pot early, at a reduced rate. The proposal comes in response to the Women Against State Pension Inequality campaign, which has argued increases in the state pension age have been poorly […]

MPs weigh early state pension access plan

An influential committee of MPs is to consider recommending early access to state pensions for both men and women early next week. The Work and Pensions committee has been examining the issue as part of its investigation into the new state pension, and in particular, the changes to the state retirement age of women. Campaigners […]

MPs call on Govt to suspend HMRC office closures

More than 60 MPs have signed a motion calling on the Government to suspend plans to dramatically reduce HMRC’s offices. The Revenue is currently going through plans to dramatically reduce its footprint, cutting more than 150 offices. The process is part of a plan to improve HMRC’s digital services, including the roll-out of online tax […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment