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'Pretty unlikely' Waspi women will succeed

 

AJ Bell's senior analyst Tom Selby has said he thought it was unlikely the Waspi campaigners would succeed in their campaign to secure compensation for the increased state pension age.

Appearing on the FTAdviser Podcast, Mr Selby said the campaigners were unlikely to be satisfied by either the current government or a future Labour one.

He said: "I can understand the anger and I can understand why they are annoyed. In terms of the chances of them getting what they want, I would say that's pretty unlikely, certainly from this government anyway.

"Amber Rudd not too long ago, the secretary of state for work and pensions for the moment, showed no signs of going back on that decision. I know Jeremy Corbyn in the previous Labour manifesto suggested that they might do something for these women. It would probably fall short of what they would want.

"That's quite a long winded way of saying I wouldn't hold out much hope under the current administration and if there are any Waspi women listening to this at the moment I would suggest they look carefully at anything that happens if Jeremy Corbyn is elected prime minister because they have only promised certain ways to alleviate the pain. I suspect when you get down to brass tacks and costs, they might not be willing to go all the way and compensate them for not getting the state pension from age 60."

The campaign group claims that while the 1995 Conservative government's Pension Act included plans to increase the women’s state pension age to 65 – the same as men's – the changes were implemented unfairly, with little or no personal notice.

Waspi also claimed the changes were implemented faster than promised with the 2011 Pension Act and left women with no time to make alternative plans

Mr Selby, who appeared on the podcast with FTAdviser's senior reporter Maria Espadinha, also discussed the slowdown in life expectancy and its implications, as well as their expectations for the new Money and Pensions Service guidance body.

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damian.fantato@ft.com