MSP urges action on pension findings

Thousands of women in East Dunbartonshire are set to be affected by plans to hike the retirement age, according to a new study.

Sunday, 25th September 2016, 9:00 am
Updated Wednesday, 5th October 2016, 2:42 pm

Strathkelvin and Bearsden MSP Rona Mackay has welcomed the report, and has backed calls for the UK Government to look at the recommendations and bring an end to what’s described as an inequality that has seen retirement plans “shattered with devastating consequences”.

The independent report by Landman Economics appears to show that about 4,300 local women will be disadvantaged and 242,500 across Scotland.

Researchers are said to have found it would cost £8 billion to return to the original timetable set out in the 1995 Pensions Act – claimed to be a significantly cheaper option for the UK Government.

The National Insurance Fund (NIF) had a £20.9 billion surplus at the end of March 2015 and the latest forecasts project a surplus of £26.3 billion at the end of this year and £30.7 billion at the end of 2017/18.

The report outlines five possible options to compensate the women adversely affected, who were born on or after April 6 1951.

Rona McKay said: “The results of this independent report are absolutely staggering – thousands of women are affected in Strathkelvin and Bearsden alone.

“As WASPI says, this legislation has seen retirement pans shattered with devastating consequences.

“We now have a clear idea of how this inequality can be eradicated – and the UK Government has to face up to the facts and look at the options we have unearthed.

“I’d like to comment the work done by the women in WASPI, who have championed this noble cause for millions of women across the United Kingdom.”