Seven years is a huge increase
It is not just women born in the 1950s who have been affected by the change in state pension age.
As a woman born in 1961, it was always my understanding that I would receive my state pension at age 60 in 2021.
In 2014, I learnt that I would not receive my state pension until 2028 – seven years later.
This has had a massive impact on my retirement planning, along with many other women my age.
I believe we should be included in any compensation granted, as seven years is a massive increase in one go.
Kathryn Piechota
Benefits of pensions choice
It is disappointing to once again see Ken Davy is using your pages to criticise pension freedoms (September 19).
While, of course, there are pitfalls to be aware of, the freedoms have brought about the greatest positive changes I have seen in more than 27 years in the industry, along with reduced product charges.
Clients are able to have a true handle on their likely retirement income for the first time.
Clients are able to retire earlier than expected and tailor their income to suit other incomes that may arrive later, such as state pensions.
Clients are able to access funds in the most tax-efficient way for them now, not based on decisions potentially made decades ago.
Clients are able to maintain wealth into much older age than ever before.
Clients are able to pass wealth on to the next generation where previously there would have been little or nothing upon death.
Yes, there are disadvantages to consider but, to my clients, the benefits of choice generally far outweigh those of the old little-choice regime Mr Davy seems to prefer.
John Miller
J Miller & Co Independent Financial Advice (Fantastic Financial Ltd)
Compensation is small fry
I am very glad to hear the news that the Lib Dems are supporting the Women Against State Pension Inequality cause and maintaining the triple lock (September 19).
It is long overdue for the Waspi problem to be sorted, not ignored. The campaign has been running for more than five years now.
As an example, my wife heard two months before her 60th birthday that she would not be getting her state pension. She heard not from the Department for Work and Pensions, but from a friend. She has worked for more than 40 years.
To add insult to injury, her pensionable age rose during her waiting time from 63.5 to 65.5 years as the 2011 act came into being. We have had to find more than £55,000 to cover her loss of pension.
The £15,000 compensation seems a lot but is small fry compared with what these women should have received and what the DWP has not paid out.
The system has always been that national insurance contributions are paid for future state pensions. Therefore they should have been increased to pay for shortfalls, not increasing pensionable age.
George Osborne realised that by increasing the pensionable age he made a huge saving by not paying out state pension until later.
People then had to keep working and therefore paid more national insurance and income tax. It is aimed at vulnerable women under the guise of EU regulations.
These women have been treated poorly and need urgent help.
David Staff
Annuity options
I am writing about the article on advice company Tideway Investment Partners warning about the difficulties in achieving a good return annuity products at present.
I sympathise with their view and fully understand that standard annuity rates are at an extremely low point, however, I feel this ‘specialist’ company is clearly not a specialist in the annuity space and scaring consumers off purchasing an annuity and into drawdown is not a good solution.
I do not know the national figure and I am unsure if Financial Adviser is aware of the average rate being achieved by those consumers purchasing an annuity in the UK. However, I believe it would be interesting to find this out!
For the company I work for the average lifetime annuity rate achieved has been nearly 5.5 per cent recently, including those clients who purchased a standard annuity.
Any companies reporting on standard annuity rates should perhaps look at their data gathering process to get their clients an enhanced annuity.
Ultimately, with the Financial Conduct Authority policy statement PS19/1 coming into force and most providers giving an uplift on lifestyle underwriting, perhaps we are seeing the end of the standard/conventional annuity as consumers receive personal underwritten quotes.
Name and address supplied
Too little, too late
I have just turned 61. I am all for equality for both men and women and as such I would agree that the women’s state pension age should be the same as men.
But the fact that the men’s state pension age has gradually risen by two years and the women’s state pension age has risen by six to seven years within the same period of time seems totally unfair.
I have worked all my life and by the time I receive my state pension I will have paid national insurance contributions for 50 years but I will get no more state pension than someone who has only paid in for 35 years.
The really infuriating thing about the rise in state pension age is that the government only implemented compulsory workplace pension schemes three to four years ago, giving women no chance to compensate for the age increase.
I have two jobs and I had planned that when I reached 60 I would give up one job and cut my hours in my second job.
But now without my expected state pension, at the age of 60 I am continuing to work both.
Name and address supplied
