AT LEAST seven million people in their thirties and forties will lose £10,000 each under government plans to increase the state pension age earlier than planned.
Those born between April 6 1970 and April 5 1978 will have to wait an extra year until they are 68 before receiving their state pension, Work and Pensions Secretary David Gauke announced last week.
Labour accused the government of making people work longer to pay for failing austerity policies.
The Tories expect that the change — brought forward by seven years — would be worth £74 billion.
It works out at £9,800 per person and this is approximately equivalent to around one year’s worth of payments of the new state pension, which totals £8,300, analysis by the House of Commons Library reveals.
Last Wednesday’s announcement came days after life expectancy expert Professor Sir Michael Marmot described how a century-long rise in life expectancy was “pretty close to having ground to a halt.”
Shadow work and pensions secretary Debbie Abrahams called the attack “disgraceful and unjustified,” pointing out that “there is no evidential basis for bringing the state pension age further forward.
“That’s why Labour want to take a measured approach, leaving the state pension age at 66 while we review the evidence emerging around life expectancy and healthy life expectancy, considering how we can best protect those doing demanding jobs and the contributions they have already made.”