State Pension Age hike hits disadvantaged hardest

In his Autumn statement today Chancellor George Osborne announced plans to fast track introduction of a state pension age of 67. 
Previously, the state pension age was to rise to 67 between 2034 and 2036, and then 68 between 2044 and 2046.  Now however the pension age will rise to 67 eight years earlier in April 2026. 
The Chancellor said his decision was a result of rising life expectancy, and the rising cost of spending on state pensions, and that it would secure a "long-term future" for state pensions and save the country nearly £60bn at today's prices between 2026-27 and 2035-36.
An Age Scotland spokesperson said: "The decision to speed up the timetable to increase the State Pension Age to 67 will come as a bitter blow to many people fast approaching retirement especially those in ill-health, caring for relatives and those out of work.
"As life expectancy increases it is reasonable to consider increases to State Pension age and longer working lives, however this decision has been based on no published detailed analysis. Average life expectancy must not be the only factor that is considered as at the moment the huge disparities in healthy life expectancy across the country means that the poorest socio-economic groups will be required to sacrifice proportionately more of their retirement.
"Age Scotland, in partnership with Age UK, is calling for an Independent Pensions Advisory Commission to be set up to ensure pensions decisions are based on all the relevant factors including inequalities in life expectancy, employment opportunities, trends in private provision and  prospects for older workers. This week the Government has announced an increase in State Pension age and a delay in auto-enrolment for some people rather than looking at retirement provision in the whole. Any changes in State Pension age should be made in the context of a strategy to improve health inequalities, a timetable for the reduction and abolition of pensioner poverty and a strategy for achieving this, a firm commitment to private pension reform and improvement to state pensions." 
The current state pension is worth £102.15 a week for those who qualify through National Insurance contributions, and will rise by £5.30 next April.  Mr Osborne also said in his speech that Pension Credit would increase by £5.35 a week.
A state pension age calculator on the Directgov website can be used to find out when people are due start receiving payments.
 Tweet