One of the largest unions in the country, Unite, is advocating for the reduction of the state pension age to 65 years old to guarantee "a respectable retirement for everyone."
They have released a manifesto urging politicians to heed the concerns of their retired members.
Proposed Changes to State Pension Age Spark Political Debate Ahead of General Election
Among the recommended changes are proposals to introduce compensation for Waspi women, reintroduce defined benefit retirement plans, and lower the state pension age. Unite's proposal to reduce the retirement age is particularly noteworthy, especially given the ongoing debate about raising it further to save taxpayer money and reduce pension spending.
Currently, the state pension age stands at 66 years old, with plans to increase it to 67 between 2026 and 2028. Another increase to 68 is expected around 2044-2046. However, experts caution that to maintain the current system, the retirement age may need to be raised to 71 by 2050.
The union is pushing for commitments from major political parties based on its manifesto ahead of the upcoming General Election next month. Both the Conservative Party and Labour are trying to attract older voters before the British public goes to the polls on July 4.
Political Pledges, Union Manifesto, and Waspi Campaign
Currently, Prime Minister Rishi Sunak and Sir Keir Starmer have pledged to maintain the triple lock on state pensions, which determines the annual increase in payments. The Tories have also promised to introduce the "triple lock plus", which increases the tax-free allowance on pensions. However, neither party has committed to reducing the age at which someone can claim state pension payments.
Below is a comprehensive list of proposals outlined in Unite's "A Decent Retirement for All" manifesto for the upcoming General Election:
- Maintain the triple lock
- Reduce the state pension age to 65
- Ensure a decent state pension for all
- Provide compensation for Waspi women
- Re-open defined benefit pension schemes
- Protect the NHS
- Establish a publicly-run, publicly-funded national care service
- Defend and extend key benefits
- Implement publicly-run bus and rail services
- Save and restore community assets
- Address digital exclusion
“Unite’s ‘Decent Retirement for All’ manifesto sets out a vision to transform this.
"As the country looks for change in a new government, Unite will be asking politicians to commit to our manifesto to help workers secure the long, healthy and dignified retirements they deserve.”
Both Labour and the Tories are facing criticism from the Women Against State Pension Inequality (Waspi) campaign for their failure to propose compensation to assist women born in the 1950s who have been affected by changes to the state pension age.
Earlier this year, an inquiry found the Department for Work and Pensions (DWP) guilty of "maladministration" for its management of historic changes to the state pension age, which negatively impacted millions of women nationwide.