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Five Million Might Lose Out From Pension Age Increase
16/12/2010
After confirmation by the Chancellor that the state pension age for both men and women will be 66 by 2020, the Department of Work and Pensions (DWP) estimates that around five million people may lose as much as £14,000 from their pensions as a result of the plans to increase the retirement age.
Saga and former government pension’s adviser, Ros Altmann, said: "These changes are dramatically unfair and completely unacceptable. They penalise at least half a million women making them wait an extra two years for their state pension and even the government itself admits they will not have time to prepare."
Those who have not prepared for retirement by paying into a pension scheme might want to consider equity release as a form of extra income.
Homeowners aged over 55 years who are concerned about their retirement income and would like to know how much money the value of their property could release to improve this, can find out by contacting therightequityrelease.co.uk for equity release advice.
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