To ask the Secretary of State for Work and Pensions, what recent estimate she has made of the cost to the public purse of reinstating the state pension for 1950s women; and if she will make a statement.
18 March 2020
Changes to State Pension age were made over a series of Acts by successive governments from 1995 onwards; including the Coalition 2010-2015, Labour 1997-2010 and the Conservatives 1995-1997, following public consultations and extensive debates in both Houses of Parliament. Through the welfare system, the Government is committed to providing financial support for people at every stage of their life, including when they near or reach retirement.
Women born between 6 April 1950 and 5 April 1953 were affected by State Pension age equalisation under the Pensions Act 1995. The Pensions Act 2011 accelerated the equalisation of State Pension age, and included transitional arrangements limiting State Pension age delays, affecting women born between 6 April 1953 and 5 December 1953. It also brought forward the increase in State Pension age from 65 to 66 which affected women born between 6 December 1953 and 5 April 1960.
The Department published estimates on the cost of reversing the women’s State Pension age to 60 and men’s State Pension age to 65 on the 7th June 2019.
The publication shows the estimated cost of reversing women’s State Pension age back to 60 and men’s State Pension age back to 65 over the period 2010/11 to 2025/26, to be £181.4bn for women and £33.8bn for men with an overall cost estimate of £215.2bn.