Women aged 50 and above may soon be able to have early access to their State Pensions, as recommended by a committee of MP’s.
An interim report published by the Work and Pensions Select Committee proposed that women who have been unfavorably affected by the rise in the State Pension age should be able to claim their State Pension sooner than scheduled.
This recommendation may also/instead lead to women being able to take an earlier retirement.
However, this proposal does have some negative connotations for the said women. For instance it would result in the women receiving a lower weekly pension payments throughout their retirement.
Women born after 6 April 1951 will see their retirement age raised gradually.
These individuals have workedand saved with no warning that they would not be entitled to receive a State Pension once they reached 60. Therefore will be unfavorably affected.
From 6 April 2016, eligible retirees will be able to claim the new State Pension if:
• they are a man born on or after 6 April 1951
• they are a woman born on or after 6 April 1953.
Those who reach State Pension age before 6 April 2016 will receive the current State Pension.
From 2020, the State Pension age will be equalised for men and women, and will be set at 66.