Pension reforms to cause 'hardship' for women

Posted on 27 June 2011

People making long term care plans will soon be subject to an increased pension age, impacting on the amount of time they must stay at work before they can retire.

According to Sarah Pennells, editor of Savvywoman.co.uk, these changes could cause "hardship" for many women.

The expert warned that some half a million women born in the mid-1950s will be particularly adversely affected by the pension changes.

"Many of these women worked part-time while bringing up a family and so haven't had the same opportunity as men to build up retirement savings through a company or private pension," she explained.

This follows comments from Tom McPhail, head of pensions research at Hargeaves Lansdown who said in a BBC podcast that "everybody needs to accept" that they will have to work for longer.

He explained that the accelerated timetable for these changes is due to the ageing population and increased life expectancy.

Posted by Nigel Murphy

 

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