At the same time, the process of equalising men and women’s state pension age (SPA) will speed up, so that whilst women born in March 1953 reach SPA aged 63, the SPA of those born in November will be 65 (in 2018). Then, between 2018 and 2020, both men and women’s SPA will increase to 66.
Concerns have been raised that many of those affected by the changes are not aware of them or do not know exactly what the changes will mean for their pensions. This is especially true of people who are close to SPA now and who may have done most or all of their retirement planning and saving under the "old" system.
In her evidence to the Work & Pensions Select Committee, Deborah Cooper, a partner in Mercer's Retirement Innovation, Policy and Research team, called for shorter, targeted and personalised communications from the Department for Work & Pensions to help people understand what matters to them. Mercer is pleased to see that many of Deborah’s suggestions were included in the Committee’s interim report.
Check out Mercer's response to the work and pensions committee inquiry by checking out "Understanding The New State Pension" report.
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