· 1 min read · News

Raising state pension age to 66 in 2020 will affect nearly five million

Published:

Nearly five million people will be hit by the Government's decision to raise the state pension age to 66 from 2020.

This means 500,000 women will have to wait an extra two years before they can receive the state pension, while 4.4 million people will not be able to claim it for an additional year, according to the Department for Work and Pensions.

The basic state pension is currently £97.65 a week for a single person, meaning that those who qualify for the full handout could miss out on more than £5,000 a year.

Responding to the details, Joanne Segars, chief executive of the NAPF, said: "As we all live longer increases in the state pension age are necessary. Around 4.9 million people will see their state pension age changed and the measures will save £30.4 billion between 2016 and 2025.

"The reforms are inevitable but must be handled fairly. Women, particularly those in their late 50s, will feel the brunt of these changes. Although women are likely to enjoy a state pension for longer than men, that pension is the worst in Europe.

"The Government must provide a more generous and simpler state pension. This would make the hike in pension age fairer to both men and women. The trade-off for working longer should be a better pension."