A million women losing out in pension age hike

More than a million women are worse off by on average £32 a week as a result of the increase in the state pension age, analysis by economists has found.

The Institute for Fiscal Studies (IFS) found that the increase for women from 60 to 63 between 2010 and 2016 was saving the Government billions, but hitting the incomes of women affected.

Although the increase in the state pension age had boosted employment, as more women stayed in work, the extra wages only partially offset the potential pension income they would have received. Affected households are receiving around £74 a week less in pension and other benefits as a result.

IFS senior research economist Jonathan Cribb said the move placed “a further pressure on household budgets.”

A Department for Work and Pensions spokesman said: “The decision to equalise and increase the state pension age is both fair and sustainable for future generations and in line with continuing rises in life expectancy.”