Pensions: British Citizens Overseas

Baroness Smith of Basildon Excerpts

Wednesday 24th February 2016 Lords Chamber

[Baroness Altmann]

The speculated potential savings, were people to move back to this country, have not been costed, but the costs of full uprating for the state pension in countries where it is currently not uprated would be more than £500 million a year.

[Baroness Smith of Basildon (Lab)]

My Lords, because of accelerated equalisation, many women who had,

“made careful financial plans to ensure their small savings could last them until state pension age … now find that they will be left for up to two years with nothing to live on - despite doing what the Government urges everyone to do and plan ahead for their future”.

Those are not my words. Does the Minister still agree with the comments that I took off her personal website today, and can she tell the House what she and other Ministers are doing to alleviate that situation?

[Baroness Altmann]

My Lords, the maximum increase that any woman will face as a result of the 2011 Act changes was reduced from two years to 18 months.