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<p>The decision to equalise the State Pension age for men and women dates back to
1995 and addresses a longstanding inequality. Since April 2010, women’s State Pension
age has been gradually increasing for those born after 6 April 1950. Following sharp
increases in life expectancy projections, and therefore the increase in the number
of people living longer in retirement, this timetable was accelerated by the Pensions
Act 2011.</p><p>The Government listened to concerns expressed by those affected by
the Pension Act 2011 changes, and took action to limit the maximum change to State
Pension age to 18 months, a concession worth over £1billion.</p><p>All those affected
by the faster equalisation timetable will reach State Pension age following the introduction
of the new State Pension, which is more generous for many women who have historically
done poorly under the current system.</p><p>The average woman reaching State Pension
age in the first forty years of the new State Pension is estimated to receive 10 per
cent more State Pension over her lifetime than the average man.</p><p>Women retiring
today can still expect to receive the State Pension for 26 years on average – several
years longer than men. And this generation of women will spend a higher proportion
of their lives in retirement than any before.</p>
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