23,000 North East women will be forced to wait more than a year for their pension

Government plans to accelerate the state pension age mean that 23,000 North East women will have to wait more than a year longer before receiving the state pension. While an unlucky 1,000 women in the North East will have to wait an extra two years, before being entitled to their state pension.

 

The majority of the North East women effected will already be well underway in their plans for retirement, with many already working reduced hours in order to care for grandchildren or elderly parents. 

 

Yet they are now being forced to make significant changes to their financial plans, with just five years notice before the changes kick in. 

 

The unlucky 1,000 born between 6 March 1954 and 5 April 1954 are set to lose around £10,000 in lost state pension, with less than seven years to attempt to accommodate the change.

 

Labour’s Shadow Pensions Minister Rachel Reeves said:

“Despite the Coalition Agreement stating that they would not raise the state pension age for women before 2020, the government have taken another ‘u-turn’ on their policy and I will be fighting these changes every step of the way.”