The Department for Work and Pensions (DWP) has recently published an update on the matter of compensation for millions of WASPI women affected by the change in State Pension age.
The DWP has acknowledged that women born in the 1950s, who were not properly informed about the rapid increase in the State Pension age from 60 to 66, should receive compensation amounting to thousands of pounds each.
DWP's Latest Update on WASPI Women's Compensation
WASPI (Women Against State Pension Inequality) was founded to support women affected by the increase in retirement age, particularly those who have not been properly informed.
In particular, women who were born in the 1950s claim that they were not adequately informed by the government about the earlier than expected increase in their state pension age.
The retirement age for both men and women is set to rise again, from 66 to 67 between 2026 and 2028. These changes follow a trend towards adjusting the retirement age to take account of rising life expectancy and the financial realities of the pension system.
The Parliamentary and Health Service Ombudsman concluded on 21 March, after a six-year investigation, that women born in the 1950s, who have faced abrupt changes to their state pension age, deserve compensation.
The Ombudsman went on to call for Parliament to act swiftly to put a compensation scheme in place, as reported by JK Dears.
Recently, the DWP has indicated that the women concerned are likely to get compensation of somewhere between £1,000 and £2,950, well short of the £10,000 or more that campaigners had hoped for. According to the WASPI campaign, only women born between 6 April 1950 and 5 April 1960 are eligible for compensation.
However, the DWP has yet to make a final decision. The Secretary of State for Work and Pensions, Mel Stride, and Permanent Secretary Peter Schofield are due to be questioned at a meeting tomorrow morning, as reported in the Mirror.
WASPI Women's Compensation FAQ's
- What is WASPI's Main Issue?
The main focus of WASPI is inadequate disclosure and the subsequent financial impact on women born in the 1950s because of the accelerated increase in State Pension age. - How Much Compensation Can WASPI Women Expect to Receive?
The DWP has offered amounts of compensation of between £1,000 and £2,950 for the women concerned. - Who is Eligible for WASPI?
Any woman born between 6 April 1950 and 5 April 1960 is eligible for WASPI compensation. - What Was the Original Timetable for Increasing the State Pension Age?
The initial schedule for increasing the state pension age was two years later than the change hastily implemented in 2011. - How can the Women Concerned Keep up to Date with the Compensation Process?
Women involved should follow updates from the DWP, WASPI and other advocacy groups and seek legal and financial advice to understand their options.