Page 70 - Marlborough Living Nov/Dec 2019
P. 70

                 Women lose the legal battle regarding the State Pension Age rule changes
Andy Tottman, Managing Director of Chilvester Financial talks pensions...
At a recent case at the High Court in London a group of women brought a case against the Government claiming that Women born in the 1950’s were being discriminated against. This was primarily down to the fact that their retirement age rose from
60 to 65 overnight. Their claim was that the rise was unfair as they were ’not given enough time’ to make adjustments to their pension contributions to make up for the years they would now be without state pension.
Suddenly they were faced with the prospect of working for 5 more years or if they still elected to retire having their ‘retirement’ income reduced as they were now without their state pension for a significant period.
In 2010 the Pensions Act started instigating a change that would see women’s state pension age being brought in line with that of men. Subsequently both genders retirement age is due to rise to 66 by 2020 and will increase again to 67 by 2028.
Unfortunately, the words used in the court case, ‘not given enough time’ is something we’ve heard countless times, many people leave their retirement planning too late in life and it means that they are often left relying on inheritances or having
to scale back their retirement plans. As Financial Planners, Chilvester Financial actively encourage clients to use their planning services to ensure that they are on target to reach their desired retirement income.
Planning how much money you’ll need for retirement and what you need to save now to achieve this is something we could all be doing, says Andy Tottman, Managing Director of Chilvester, but many of us don’t!
If you believe this is you, Chilvester have a ‘Just what you need’ attitude to Financial Advice and planning, we can help you plan now for your retirement and alleviate your fears. Call now to book a meeting, after all the first one is free!
01249 810050 |

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