| answer text |
<p>The Government will not be revisiting the State Pension age timetable for women
affected by the Pensions Act 2011.</p><p>Of the approximately five million individuals
affected, two point four million are men. For women, the maximum increase in State
Pension age relative to the previous timetable is 18 months and for men it is 12 months.</p><p>As
analysis by the Institute for Fiscal Studies has shown, the rise in women’s State
Pension age since 2010 has been accompanied by increases in employment rates for the
women affected. Those unable to work because of health problems may be able to claim
Employment and Support Allowance, whilst those who are unemployed may be able to receive
Jobseeker's Allowance.</p><p>All those affected by faster equalisation of pensionable
ages for men and women will reach State Pension age after the introduction of the
new State Pension. The new State Pension will be more generous for many women who
have done poorly under the current system, largely as a result of lower average earnings
and part-time working. Around 650,000 women reaching State Pension age in the first
ten years will receive an average of £8 per week (in 2014/15 earnings terms) more
due to the new State Pension valuation of their National Insurance record.</p><p>Regular
consideration of State Pension age is necessary to ensure the pensions system remains
sustainable as life expectancy grows. The 2014 Act provides for a 6-yearly review,
to take into account up-to-date life expectancy data and the findings of an independently-led
review. The first review will conclude by May 2017 and will consider, amongst a number
of other factors, the impact of State Pension age change on women.</p><br /> <br />
|
|
