Older generation hit for £14,000 due to pension age rise


Official numbers from the Department for Work and Pensions suggests that the hastened pension age rise is coming about too quickly, and that it will cost people over 50 around £14,000.

People over the age will be out of pocket as they wont have sufficient time to to save the extra money they would have received from a pension if the age had not increased.

Estimates show that the change enforced by Chancellor George Osborne will affect around 4.5 million people.

Ros Altmann, of the over-50s group Saga and a former Government pensions adviser, also highlighted the effect it will have on women: "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.”

Altmann added: “I have never known women so angry. This is yet another example of policies made by men who fail to understand women's lives. A rethink is essential. We simply cannot do this to people.”