State Pension Age (Women)
Debate between Teresa Pearce and Mark Lazarowicz(13 years, 7 months ago)
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Teresa Pearce
I thank my hon. Friend for his intervention. I totally agree. The unexpectedness of the extension of the time is the problem. I really do not have an answer as to how my hon. Friend’s constituent will manage that. I will put some questions to the Minister later.
The accelerated timetable will start in 2016, so the proposal will affect women who would have previously reached the state pension age in about five years’ time. The worst affected will have to wait a further two years to reach their pension age, so they are seven years away from their pension date, which is well below the 15 years’ preparation time recommended by the Turner commission.
It is important to remember that women are already at a significant disadvantage relative to men when it comes to pensions. The median pension saving of a 56-year-old woman is just £9,100, almost six times lower than that of a man, which stands at £52,800. Women’s pensions are traditionally lower because many have taken time out of paid work to raise children or to care for parents.
Mark Lazarowicz (Edinburgh North and Leith) (Lab/Co-op)
Like other hon. Members present, I have been contacted by many constituents on this issue, but I suspect that many more do not realise what is to happen or are only gradually realising and will be contacting MPs more and more. Is it not the case that as well as the obvious effects on incomes, what stimulates their anger is that they feel cheated by what has happened? As my hon. Friend said, the proposal was not in the coalition parties’ manifestos and it was not even in the coalition agreement, so there is no way the Government can claim that they did not know the financial figures and they have to make this cut. They knew what the financial figures were when they did not include the proposal in the coalition agreement, so this is a double betrayal of many women pensioners. Does my hon. Friend agree that as we are now seeing U-turns from the Government daily, perhaps this issue should be the subject of today’s U-turn?
Teresa Pearce
I thank my hon. Friend for his intervention. I agree. As I said, it is the unexpectedness of the change that is the problem. The women affected have worked all their lives and paid into the system, expecting something in return. They feel that they have done their bit, but they are not getting what they agreed to in the first place.