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Barnett Waddingham
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Overview on SPA increases for women

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Malcolm McLean, Senior Consultant at Barnett Waddingham, said; “It was right to bring women’s state pension age (SPA) in line with men’s and to do so, not at one fell swoop, but to phase it in gradually over a period of time. Although, because of lifestyle differences, women have historically done less well out of both state and occupational pension provision than men. On average, they have greater longevity and can expect to spend longer in retirement and in receiving the state pension.
It was perhaps inevitable that the SPA increase would hit some women more strongly than others.

“Questions have been raised about both the speed of the transition and the adequacy of government communications during it. However, the Government has made it clear there is no going back on the arrangements, with the SPA for both men and women being equal at age 65 from November 2018 and with subsequent increases for both genders on an equal basis in the years ahead.

“It was perhaps inevitable that the SPA increase would hit some women more strongly than others. Although the increase in the state pension age had boosted employment, as more women stayed in work, the extra wages only partially offset the potential pension income they would have received.

“Over the longer term, as more and more women choose to adopt a different lifestyle than their predecessors, perhaps stay on in work after childbirth and enjoy greater security in employment and pension arrangements, we must hope such losses will not occur and greater equality across the board will be the order of the day.”

overview_on_spa_increases_for_women.pdf
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