Women Born After 1955 Work Until 65!!

blossom30

I would like to make all my female money savers aware that if you were born after 1955 you now have to work until you are 65 before you can get your "state pension"...I know there will be many of you like myself who was not aware of this so I wish to bring this to your attention.....I think this is unfair to women who have been already working nearly 30 years to be told they have to work another 20. I noticed how the Government didn't widely publicise this otherwise I wouldn't have been in the dark about this.....sorry to bring you bad news......:mad:

Bossyboots

I thought it was pretty widely publicised. I was certainly aware of it and was not amused. It is quite some time now since it was introduced. My OH is 8 years older than me and I am planning to retire when he does. We are now having to plan a bit further as I won't get my state pension for five years later than we thought.

carnet

Yes, all this has been widely known for some time.

Certainly my OH has been aware for the last couple of years or so that, because of her DoB, she will not qualify for her state pension until she is 62 1/2 .

http://www.over50.gov.uk/englandandwales/pensions/state.shtml

dunstonh

I dont think its unfair at all I'm afraid. The Govt put the information into the public domain many years ago and all financial services companies were aware of it. It also made the news at the time but it was really considered a minor issue. Many insurance companies put the news in with their statements the year it was first announced.

Plus, it wasnt an overnight change. It was staggered so those closer to retirement could still retire at 60 and then moved towards 65 in monthly steps depending on the date of birth.

The key thing to note is that you dont have to work another 20 years to collect the state pension. It is just 5. Also, you dont have to work until 65 if you do not want to. You can make provision to finish earlier if you wish to.

It may also be sensible for those in their 20s and early 30s to consider that the state pension retirement age could be 70 by the time they get there.

After typing the above I found this link which discusses awareness: http://www.dwp.gov.uk/asd/asd5/summ2003-2004/221summ.pdf

HLK

This was brought in after something called the 'Barber' judgement (at least I think that was the name). Down to the guys I'm afraid - some chap rightfully challenged the female retirement age - now they could have dropped the male retirement age, but guess what ..... they raised the female one.. simple economics..

I'm glad we are all treated the same but I think it silly to even think of a retirement age of 70 - they are just hoping we all drop before we claim!

As for myself, I can pick up my state pension around 62 and 10 months .. I was told about a 'contribution waiver' whcii i am still to investigate fully - the girl at thr DWP told me I can ask to waiver my contributions...and they will get paid for me after 60 .. or something like that... will report back with findings..

Oh and my health going downhill so can't see working til 65 no matter what a civil sevant says!

dunstonh

I'm glad we are all treated the same but I think it silly to even think of a retirement age of 70 - they are just hoping we all drop before we claim!

When Beveridge unified the social benefits into the state pension ,the average life expectancy was just 2 years. Look what it is now and who knows what it will be in another 60 years. If would be silly not to think that 70 will be a future state pension age. Especially as it is one of the options that is currently under review.

It is unlikely to happen soon but I certainly wouldn't rule it out long term.

kevtrader

I knew about the increased retirement age for women under a certain age for about 3-4 years! I should think there is going to be further increases in the long term future but I'm only 23 so hopefully I've got another 47 years to go before retirement!!

mah_jong

Agree iwth everyone its been widely known...even I knew!


I didnt know I could qualify for WTC as a single low paid worker!!! I lost a years extra money!!

ma.......thought it was all about equality!

margaretclare

I don't think it's unfair either. In fact I worked until I was 67, I just couldn't pay into the NI scheme once I reached 60, although I was still working.

I'd have been able to accrue more SERPS if I'd been able to pay in. As it is, I do get full SRP, thank goodness.

Aunty Margaret

[Deleted User]

Also, there is now something about not being able to claim occupational pension till 55. (Was 50)

nearlyrich

Deleted_User wrote:

Also, there is now something about not being able to claim occupational pension till 55. (Was 50)

That's the one that annoys me, it's my money that I put into a fund to pay for my retirement plans, after they changed my state pension date by 5 years, no-one should be able to change the rules for plans already in existance.

If a commercial insurance company changed their rules there would be an outcry but the government can do what it likes...it makes some people decide not to bother saving at all for their retirement.