3rd October 2019

We wrote last month about how the gloomy news for soon-to-be pensioners just keeps coming. Well guess what? There’s more of the same this month after campaigners lost a significant legal battle over the rise in women’s pensionable age.

Back in 2010, the government increased the retirement age for women from 60 to 65 in an effort to bring it in line with men. It’s set to go up to 66 by 2020 and rise to 67 by 2028.

The age change sparked a backlash from female campaigners born in the 1950s who claim the rise is unfair because they have not been given enough time to make the necessary financial adjustments to cope with years without a state pension.

In a legal battle they argued the government was discriminatory in the way it introduced the pension age changes.

For some women it has meant they have had to wait several years longer before being able to pick up their pension, triggering financial hardship in some cases.

However today (October 3), a court ruling on the case saw their claims rejected with judges stating there was no “direct discrimination” in the way the changes were brought about.

The government continues to argue that the change was long overdue.

So what can be learned?

This case has brought to light a number of real-life stories from women who have suffered financial hardship. Some have not been able to pay their bills due to the delay in being able to pick up their pension. Their stories have been difficult to listen to and watch.

But, what we must all take from this is the importance of financial planning and in particular the need to start saving for a pension as soon as possible whether that be through a workplace pension or privately.

It’s also important to get an independent appraisal of what your future financial needs may be and how you can meet them.

* If you need help planning for your retirement or advice on existing pension provision, visit www.robertnicholas.co.uk or contact us on 01952 820155.

*To read details of the legal case in full visit the BBC News website at https://www.bbc.co.uk/news/business-49917315