Two year wait for pensions is reduced

RECENT changes to the planned increase in the state pension age for women, making it fairer for those most affected, have been welcomed by Borders MP Michael Moore.

The Pensions Bill set out plans to equalise men and women’s pension age at 65 in November 2018, before increasing the age for both men and women to 66 in April 2020. As a result of these changes, some women were facing having to wait up to two years longer for their pension, and this has now been reduced to 18 months.

Mr Moore said: “My Liberal Democrat colleagues and I were deeply concerned that some women were facing steep rises in the pension age, without giving them time to prepare for the changes.

“Whilst we would have liked to have gone further, given the current state of the public finances, identifying an extra billion pounds to improve the Bill was extremely challenging.

“A number of my constituents wrote to me expressing their concern about the change and this announcement demonstrates the Government’s commitment to responding to these concerns. Many men and women in Borders will benefit from this move, giving them more time to plan for their retirement than under the original proposals.”