Pensions bill unveiled in detail

29 November 2006
The government has revealed the details of the pensions bill which will raise the state pension age to 68 by 2046 and restore the link between the basic state pension and earnings during the next parliament.

The new legislation aims to equalise men's and women's pension provision, making everyone eligible for a pension after 30 years in employment.

Years spent as a carer will be counted in the same category as paid employment for the first time.

The government claims that over 90 per cent of women will be eligible for a full state pension by 2025 – currently the figure is only 30 per cent.

Gordon Lishman, director general of Age Concern, told the Guardian: "Promising a more flexible carer's credit will boost the pensions prospects of millions of women and carers."

But he called for these provisions to be introduced retrospectively to apply to pensioners retiring now, who will otherwise be "short-changed".

For more information about planning your retirement, click here.

track© Adfero Ltd