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Malcolm McLean comments on State Pension Age delay
Commenting on today’s Government announcement that its plans to raise the state pension age to 66 in 2020 will be delayed by 6 months, Barnett Waddingham Consultant
Malcolm McLean says:
“This is unlikely to satisfy the concerns of everyone – particularly those women in the age bracket directly affected –but may be sufficient to enable the Pensions Bill to now get the necessary support to proceed through its third reading in Parliament next Tuesday (18 October).
“The concession still means that several thousand women will still have to wait 18 months longer than they might have originally expected to start drawing their pensions but it will give them extra time and notice to plan their finances.
“The Government’s change of heart does not, of course, come cheaply – it may cost as much as an extra £1 billion. There is also an unexpected bonus for men who stand to gain from the delay from April to October 2020 for moving on to the age 66 date. But the modified plans will still mean a substantial cost saving on those originally proposed by the previous Government and enable the necessary equalisation of pension ages between men and women to be achieved sooner rather than later.”
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Steph Gold.