State Retirement Pensions: Females

Department for Work and Pensions written question – answered on 26th May 2016.

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Photo of Ian Blackford Ian Blackford Shadow SNP Spokesperson (Pensions)

To ask the Secretary of State for Work and Pensions, what assessment his Department has made of the effect of lost income on women who have had an increase in their pensionable age.

Photo of Justin Tomlinson Justin Tomlinson Parliamentary Under-Secretary of State (Department for Work and Pensions) (Disabled People)

It is not possible to assess the financial impact at an individual level as it is highly dependent on a variety of characteristics. The financial impact on a small number of hypothetical cases was modelled for the 2011 Pensions Act Impact Assessment:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181462/pensions-bill-2011-ia-annexa.pdf

The gender impact assessment in annex A shows that, while some aspects of the Pensions Act 2011 provisions will impact women more strongly than men, the impact is not disproportionate and is a consequence of closing the gender gap in State Pension age earlier than under the previous legislation.

Our analysis also shows that the average woman reaching State Pension age last year (2015) gets a higher state pension income over her lifetime than an average woman who reached State Pension age at any point before her – despite the equalisation of State Pension age. Also, over a lifetime, the average woman who reached State Pension age last year will receive more than the average man. This is consistent with the trend going forward.

Further information on the impacts of the new State Pension can be found at:

https://www.gov.uk/government/publications/new-state-pension-impact-on-an-individuals-pension-entitlement-longer-term-effects

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