Labour’s policy to compensate older women for changes to the state pension age will benefit the poorest pensioners far less than richer ones — and may not benefit them at all.
In a dramatic post-manifesto announcement, the party committed £58bn in compensation to women born between 1950 and 1960 for the impact of the 1995 Pensions Act, which raised the female state pension age from 60 to 65 — it has since been raised again, to 66 — a policy that affects 2.6 million women in the UK. The commitment was welcomed by “Waspi” (Women Against State Pension Inequality) campaigners, who argue they were given inadequate notice of the pension age changes and were in some cases left destitute. The pledge has also reportedly been well received on the doorstep during the election campaign.
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