1. ITV Report

Pensions Minister 'hoping' to help women hit by retirement age hikes

Lady Altmann has indicated she wants to help Credit: Jonathan Brady/PA

Pensions Minister Baroness Altmann has said she is "hoping" to help women who have been hit by retirement age hikes.

The government minister signalled help may be on the way for women, born in the 1950s, "who feel they have been cheated out of part of their pensions" after their pension age was raised twice in recent years.

Lady Altmann told BBC Radio Four's Moneybox: "I am hoping that we will be able to help, but I can't make any promises. I had some figures worked out on what we might be able to do.

"There is nobody more than me who would like to help, I can assure you."

It comes after thousands of women born after April 1951 complained that they were not given proper notice that they would not get a state pension at 60 as their retirement age was gradually raised.

According to campaigners for compensation some women may have been "cheated" out of as much as tens of thousands of pounds as the female retirement age has crept up to 66.

A Commons select committee is reportedly looking at solutions such as allowing women to draw pensions early, but at a lower rate.

Credit: Rui Vieira/PA
  • Why is the retirement age increasing and how is it affecting people?

Previously, women retired at 60, while men retired at 65 but under the 1995 Pensions Act, the Government decided that the pension ages of both men and women would be equalised by 2020.

However, in 2011 state pension ages were raised at an even faster rate than expected, meaning some of those born between April 1951 and 1960 will not qualify for a pension until the age of 66.