|Sadiq: Pensions Bill will hurt local women|
|Tuesday, 21 June 2011 00:00|
Sadiq has voted against government’s plans to accelerate the change in the state pension age for women which will force hundreds of women in Tooting into difficult financial situations should they go ahead.
The plans, which are included in the Tory-led government’s Pensions Bill, mean 300,000 women born between 6 December 1953 and 5 October 1954, will have to wait an extra 18 months, and an unlucky 33,000 will have to wait an extra 2 years, before being entitled to their state pension.
The majority of these women will already be well underway in their plans for retirement, with many already working reduced hours in order to care for grandchildren or elderly parents. Yet they are now being forced to make significant changes to their financial plans, with just 5 years notice before the changes kick in.
Women born between 6 March 1954 and 5 April 1954 are set to lose around £10,000 in lost state pension, with less than 7 years to attempt to accommodate the change.
In answer to a Written Parliament Question tabled by Sadiq Khan MP, the Pensions Minister Steve Webb admitted that over 500 women living in Tooting, Balham, Earlsfield, Furzedown and Wandsworth Common will be affected.
Sadiq Khan MP, who voted against the Pensions Bill in the House of Commons last on Monday night, said, “The Tory-led government’s plans to increase the state pension age disproportionately affect women.
“In Tooting alone over 500 women will be left up to £10,000 out of pocket. Many of these are women who have juggled working lives with raising a family and have limited savings to fall back on. This will really hurt them.
“The lack of warning of these changes means they do not have enough time to adjust their retirement plans. Many will face real difficulties as a result.”
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