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Pensions Minister Baroness Altmann must get to grips with pension gripes in 2016

Discussion in 'Retirement' started by Yoda-, Dec 30, 2015.

  1. Yoda-

    Yoda- Lead commenter

    If your a lady of a certain age this article may interest you (DOB in the 1950's).

    Pensions Minister Baroness Altmann must get to grips with pension gripes in 2016

    STATE PENSION: It is blindingly obvious the previous Coalition Government perpetrated a major injustice in 2011 when it announced out of the blue that women would have to wait longer to draw a state pension. This was on top of previous changes designed to equalise the state retirement age for men and women.

    Although there has been backtracking since, many women born in the 1950s have been given too little time to adjust their finances to a later state retirement age. For many, the result will be financial hardship. Steve Webb, Altmann’s predecessor at the Department for Work and Pensions, was in charge when the 2011 changes were made. A Minister no more – indeed, an MP no more – he admitted it had been a ‘bad decision’.

    There are going to be debates about this. Read the article if it impacts on you.

    Read more: http://www.thisismoney.co.uk/money/...-grips-pension-gripes-2016.html#ixzz3vooSTzZF
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
    Read more: http://www.thisismoney.co.uk/money/...-grips-pension-gripes-2016.html#ixzz3vomegZOY

    The Daily Mail looks as if it has found a new financial cause to pursue and someone new to sink its teeth into. I thing the DM deserves some credit on this occasion?
    cissy3, Lara mfl 05 and Rendellers like this.
  2. catmother

    catmother Star commenter

    I'm not sure that there is more to consider, apart from the fact that a lot of women did not pay any attention whatsoever to the issue of pensions until they suddenly realised that the pension age had been changed. As I've said before, I do remember reading about it in newspapers as long as back in the 90s. If I read about, it obviously was not a secret. Considering that they did not pay any attention to financial matters, I'm not sure that it's true that they would have taken any step to better their situation.

    The situation with pensions in the UK is a disgrace for both men and women but I think that this particular campaign is far too narrow and self serving,IMO.
  3. jacob

    jacob Lead commenter

    There is much more at stake as there are even more predictions of another massive, maybe even more massive, financial global crisis looming in 2016. The one predicted for 2015 has not occurred, but has just been put off. The "austerity" package of the Tories and most of the rest of Europe have made it worse as most ordinary people have just got poorer over the last eight years. The last changes to pensions were the resulst of the financial crash, so while banks got propped up and the "economy" has not really recovered (despite what they tell you), they shafted future pensions simply because they could. Do not expect them to reverse anything, and when the crash happens it will only get worse as there will be more changes to pensions to the detriment of all.
    cissy3 likes this.
  4. catmother

    catmother Star commenter

    I don't doubt it.
  5. Piranha

    Piranha Star commenter

    Perhaps I am misremembering, but wasn't the decison to equalise pension ages made in the 1990s, while the 2011 announcement was for everybody? Women in their 50s were given plenty of notice of the change that only affected them.
  6. applecrumblebumble

    applecrumblebumble Lead commenter

    1995 - women's state pension age to be equalised
    Following pressure from Europe, the Conservative Government was forced to announce plans to equalise state pension age for men and women. The timetable was the most relaxed possible and would raise pension age for women to 65 slowly from April 2010 to April 2020.

    No surprise then!
  7. copperbeech

    copperbeech New commenter

    This is not the issue about the equalising of state pensions for men and women. We knew all about that. Under that process I was due to get my state pension at 63. As I was born in late 1953 I will now receive this at nearly 65. The issue is that this was changed with too little notice for women affected to plan their pensions effectively.
    cissy3, frangipani123 and Yoda- like this.
  8. Yoda-

    Yoda- Lead commenter

    frangipani123 and Lara mfl 05 like this.
  9. Yoda-

    Yoda- Lead commenter

  10. Lara mfl 05

    Lara mfl 05 Star commenter

    Yes, I've just been checking and it appears people like myself in the school year where I would have had to work an extra 2 years compared to someone born just 19 days earlier have indeed have had some changes made to 'equa' the balance. If what the Govt website says is in fact correct it seems I will now only have to work an extra 2 months and so many days, as I am so close to the 'cut-off' date! That is certainly good news for me.
    Yoda- likes this.
  11. monicabilongame

    monicabilongame Star commenter

    I have to work 6 years longer than when I started work. And for a flat rate pension. So all that working and contributing for (so far) 43 years won't count for much.
    cissy3 and frangipani123 like this.
  12. frangipani123

    frangipani123 Lead commenter

    For those of you interested in this issue there is a campaign group called WASPI and they have a facebook page where you can read of the experiences of different women. They key issue is that for women born in the early 50s the goalposts have been moved with less than 10 years warning ie they will have to wait much longer than originally stated to receive their pension. Having less than 10 years warning was kicked out as a possibility for public sector pensions and MP's pensions too. Equalisation is needed but some women are facing a raw deal.
    cissy3 and Yoda- like this.
  13. Piranha

    Piranha Star commenter

    Much as I sympathise with those women born in the early 50s (those born later did not suffer any worse than men in the 2011 changes), I can't help thinking that this group has the wrong name. Surely, they are for State Pension Inequalities, at least for a little longer!
  14. Yoda-

    Yoda- Lead commenter

    They did not get reasonable notice. The proposed change was speeded up.

    Government changes meant some women were told they would have to work another 18 months to qualify less than two years before their retirement date. That did not happen to men.
    Lara mfl 05 likes this.
  15. Yoda-

    Yoda- Lead commenter

  16. Yoda-

    Yoda- Lead commenter

    Pension campaigners told there is no 'magic pot' of cash to help women

    "Giving evidence to MPs, the pensions minister, Ros Altmann, also suggested that the affected women had misunderstood how the new state pension would work, and defended the government’s handling of the issue."

    Funny how Ross Altmann took the oppersite view before she became pension minister. Shame on you.

    No magic pot of money? Not unless you're wealthy. We remember the tax cuts to income tax when the Tory led coalition came to power.

    "The Scottish National Party’s Mhairi Black, a committee member, said “many, many women” had said they were not written to by the Department for Work and Pensions, and asked about possible transitional arrangements."

  17. jacob

    jacob Lead commenter

    What did you expect. And there will be more to come
  18. Yoda-

    Yoda- Lead commenter

  19. aspen_1

    aspen_1 New commenter

    This seems only fair and proper for any civilised society.
  20. jacob

    jacob Lead commenter

    Since when were the Tories "fair and proper"? I give you: disabled benefit cuts, increased pension age, tax avoidance on a huge scale, offshore tax havens that are British etc....

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