Million women worse off after pension age change

More than one million women are worse off by £32 a week because of changes to the state pension age, which made the Government £5.1billion, a report has found.

The changes, which increased women’s state pension age from 60 to 63 between 2010 and 2016, also mean almost half of all women in their early sixties are now in work. The analysis, by the Institute for Fiscal Studies, found that income poverty in the age group had increased by 6.4 per cent since before the reform.

Alex Cunningham, Labour’s shadow work and pensions minister, said the reforms had left “millions feeling insecure and uncertain”.