I very rarely (make that almost never) post about anything political. I see it all going on around me on social media – tweets, Facebook posts, and the like, and I hold my virtual tongue, because (a) I don’t consider myself that well informed and (b) rightly or wrongly feel that I don’t have time to get up to speed with most of it. I don’t want to get embroiled in an argument where I don’t have all the facts, or as importantly, an understanding of the facts.
I’ve made an exception for WASPI (Women Against State Pension Inequality) because I understand one important thing about it: I will have to work until I am 66 years and 8 months old before I can claim my state pension. Given that I have a chronic disease (for which a life insurance company penalized me when my husband and I first took out a mortgage in 1990 because (in the words of the agent) ‘statistics show that you may not live as long’) well, I have to wonder if I will make it. Fingers crossed, I will – but I wonder how many women born in the 1950’s won’t?
In case you are not up to speed on what WASPI is all about, in a nutshell it is this:
UK women born in the 1950’s were originally told that they would be able to claim their state pension at age 60. Starting in 1995, successive governments have increased the state pension age (the age at which you can claim the pension you have been paying into since you started work) so that now, the majority of women born in the 1950’s will not be able to claim their pension -which in many cases means they cannot retire from work because they will have no income- until they are 66 or 67 years old. In my case, at today’s pension rate it means that I will have been deprived of approximately £41,397.00, or £6,203.00 per year, by the time I retire at 66 years and 8 months of age. My mother lived until the age of 77 (being born in 1930 she was able to claim her pension from age 60). Granted she was a smoker and had other health issues I don’t (to my knowledge!) have, but if I don’t make it beyond 77 the state will have made a nice little saving… and I will have worked for half a century in return for ten years’ pension. Hmmm, something feels wrong there.
The issue is not so much that this has happened (and I can see how, with the increasing age of the population and the dwindling pension pot – more people living longer, less money to go around – I dread to think at what age my son, who is now 24, will be able to retire if he is reliant on state pension), but that many women were not told about it, and so had no opportunity to make arrangements to prepare for the shortfall. Women like me have written to the DWP as part of the WASPI campaign, and have received standard replies which basically say ‘actually, we did send letters, and it was publicized‘. I did not get a letter, nor did many women I know; it seems to have been very hit-and-miss. And publishing details on the relevant government website or in newspapers will not (and clearly did not) reach everyone.
I gradually became aware of the pension age increase over a number of years, but not in a way that suggested to me I needed to do something about it if I wanted to retire at 60 – to be honest, it pretty much went over my head until I started writing books and got involved with social media – way too late for me to make any meaningful financial adjustment. Was I horrified? Yes.
I haven’t yet worked out what I am going to do – work on until I can claim my pension, or stop work and hope to survive on my husband’s pensions until I come of pension age.
It is, of course, too late to lock the stable door for many of us – the pension horse has long disappeared over yonder horizon. Perhaps we should have ‘paid more attention’ – but that isn’t really the point, is it? Governments have a duty of care, and as I see it, they have failed thousands of women in my situation by not communicating the true situation in a responsible manner. Perhaps the DWP should have enlisted a well-known poster boy:
Well, perhaps not. But something that was ‘in your face’ was clearly needed.
Are you a female born in the UK during the 1950’s? Did you know about the increase in your pension age, and if so, when did you find out? Have you been able to make adequate provision? How do you feel about the situation?
If you’d like more information, please go to the WASPI website: WASPI
Political rant over. Normal service will be resumed as soon as possible…