Female pension age on the rise - Pensions - News - Moneyfacts

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Female pension age on the rise

Female pension age on the rise

Category: Pensions

Updated: 14/03/2013
First Published: 14/03/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Research by the Institute for Fiscal Studies (IFS) has predicted that the age at which women can claim a state pension may increase to 66 by 2020.

Since April 2010, the average pension age for a woman has risen from 60 to 61 years and five months, with the IFS suggesting that more women are being forced to remain in work or seek employment in the current tough economic climate.

Employment rates among women aged 60 and over grew by 7.3% between April 2010 and 2012, with 27,000 more women staying in work.

The IFS believes a number of women are increasing their savings by remaining in work, using the state pension age as an "anchor" in planning their retirement. Changes in society are also thought to be behind the rising pension age.

Research economist at the IFS, Jonathan Cribb, said: "Increasing the age at which women can first receive their state pension has led the significant numbers of women deferring their retirement, with over half of women aged 60 now in paid work for the first time ever."

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