Women retiring before 2010 lose £27,000 say Lib Dems
July 16, 2007 12:00 AM
The Liberal Democrats have released figures showing that women who retire before changes to the state pension are introduced on 6th April 2010 could be up to £27,000 worse off over the period of their retirement.
Because the changes are not being phased in, those who turn 60 the day before the changes come in will miss out on all of the benefits. Chair of the Liberal Democrats Election Manifesto Team, Steve Webb MP, has called for the changes to be phased in to help those retiring sooner.
Commenting, Steve Webb said:
"The changes to the pension system in 2010 are actually very welcome. They do a lot to correct the injustices that many women face from the state pension.
"But the cliff-edge between those who retire on 5th April and 6th April 2010 is totally unacceptable. It will be quite possible to have two women living next door to each other, both of whom have had identical working and family lives, but one of whom is getting £1,000 every year less from their state pension.
"When changes are made to pension systems they are normally phased in. Women who turn sixty in the present Parliament should get some of the benefit of the new rules, instead of having a sudden cliff-edge in 2010."
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