We have learned that the move to raise the age at which people start to receive their pensions has caused – and will cause – financial hardship for multitudes, mostly women.
Changes to the way pensions are taxed mean many of the richer people in UK society will also lose out.
We have been told that anybody under 40 will be worse-off than people above that age due to changes in the state pension, and now we find that a third of the UK population will lose out because of it.
This Blog has been criticised in the past for voicing the widely-held belief that most pensioners vote Conservative.
Clearly, in the light of these changes, any pensioner who continues to support the Tories would have to be mad.
Twenty million people will lose out from the introduction of a new flat-rate state pension with the burden falling most heavily on low-paid private sector workers, according to analysis by leading pension experts.
The startling figure, part of research by pension consultants Hymans Robertson, comes just before the new deal for pensioners is to be introduced in April. It appears to undermine government claims that the reforms will create a fairer, as well as a simpler, system.
The company also warns that the policy could have wider and graver repercussions for government than its attempts to slash credits for working people, which forced chancellor George Osborne to perform a spectacular U-turn in his budget last November.
Chris Noon, a partner at Hymans Robertson, told the Observer that research had revealed that while there would be winners among middle-to-higher earners from this April, the costs of these rises would fall on lower earners in the form of lower pensions in years to come for about 20 million people. “Within the private sector, it’s the low paid – those earning less than around £15,000 – that will be hit hardest.”
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