Pension News Pensions Act 2007 'huge Boost For Women' 18226040

Pensions Act 2007 ‘huge boost for women’

30 July 2007
Reforms to the state pension system, made in the Pensions Act 2007, are a huge boost to women and carers, it has been claimed.

The legislation, which has received Royal Assent, means that many women living on low incomes will be given an extra £50 per week from the state pension by 2050.

Lifetime contributions to be made will be reduced to 30 years’ worth for both sexes in 2010, where it had once been 39, meaning that 90 per cent of men and women retiring in 2025 will be able to pick up a full basic state pension, according to work and pensions Peter Hain.

“This act lays the foundation for the new pensions settlement. By re-linking the basic state pension with earnings, we will ensure that living standards for older people keep pace with the rest of society,” he said.

Peter Hain assumed office in Gordon Brown’s cabinet on June 28th 2007.

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Written by Editorial Team