Pension change to harm older workers, says Age UK

Moves to accelerate the planned rise in state pension age (SPA) “could have devastating consequences for millions of people in their 50s and early 60s who are already struggling financially”, according to analysis by Age UK.

The older people’s charity claims that 3.5 million people aged 50 to 64 are out of work due to poor health and many have few savings by the time they reach the current SPA of 66. Any quickening of the planned rise to 67, then 68, “will condemn millions to a miserable and impoverished run-up to retirement”, it says.

Caroline Abrahams, charity director at Age UK, said: “Against the context of endemic ageism in the labour market, any decision to make today’s fifty-somethings wait longer for their state pension would be setting up hundreds of thousands of men and women for a kick in the teeth they could well do without.”