The government is "pressing ahead to accelerate the state pension age" on a "flawed basis", Shadow Secretary of State for Work and Pensions Debbie Abrahams has said.
Speaking at the Trades Union Congress' Fixing the retirement lottery conference, today 27 February 2018, Abrahams highlighted that the planned increased of the state pension age to 68 has been justified on a very flawed basis.
"The evidence is clear that increases in life expectancy are slowing and women are most adversely affected no doubt," she said.
Abrahams continued that it is crucial to make a difference for women's income in retirement. "Women are still the lowest paid and at high risk of falling into poverty when they retire", Abrahams noted.
Also speaking at the conference, TUC policy officer Tim Sharp echoed: "Automatic enrolment still isn’t working well for women," adding that "a decent state pension could solve part of the problem regarding pensions inequality between the sexes."
Furthermore, on cost and charges, the Shadow Minister stated that the government's latest report "does not go far enough". As a result of the opacity in the pensions industry, the majority of savers are "being kept in the dark" regarding their pension savings, she added.
Overall, the MP echoed the shared view that there is a need for greater simplicity and transparency in pensions in order to get more out of the system for everyone.
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