Pension changes will cost seven million people £10,000 EACH - but only if you're in your 30s and 40s
People born between 1970 and 1978 will have to wait until they are 68, an extra year, before pocketing payments, Work and Pensions Secretary David Gauke announced last week
More than seven million people in their 30s and 40s will lose out by £10,000 each under Tory plans to lift the state pension age earlier than planned.
People born between 1970 and 1978 will have to wait until they are 68, an extra year, before pocketing payments, Work and Pensions Secretary David Gauke announced last week.
Labour branded the hike “disgraceful and unjustified” and accused ministers of making workers carry on for longer to fund austerity.
House of Commons Library experts found the £74billion the move will save works out to £9,800 per person on average across the 7.6 million hit by the change.
The amount is approximately equivalent to about a year’s worth of payments of the new state pension, which totals £8,300, researchers revealed.
Shadow Work and Pensions Secretary Debbie Abrahams said: “This is a disgraceful and unjustified attack on the state pension by this Government, who are asking millions of people to work longer to pay for their failing austerity plans.
“The latest research on life expectancy, published days ago, shows that there is no evidential basis for bringing the state pension age further forward.
“That’s why Labour want to take a measured approach, leaving the state pension age at 66 while we review the evidence emerging around life expectancy and healthy life expectancy, considering how we can best protect those doing demanding jobs and the contributions they have already made.”
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