Pension changes will cost seven million people £10,000 EACH – but only if you’re in your 30s and 40s : Mirror.

People born between 1970 and 1978 will have to wait until they are 68, an extra year, before pocketing payments, Work and Pensions Secretary David Gauke announced last week.

A pensioner holds their pension

Seven million people will lose out on £10,000 each (Image: Getty)

More than seven million people in their 30s and 40s will lose out by £10,000 each under Tory plans to lift the state pension age earlier than planned.

People born between 1970 and 1978 will have to wait until they are 68, an extra year, before pocketing payments, Work and Pensions Secretary David Gauke announced last week.

Labour branded the hike “disgraceful and unjustified” and accused ministers of making workers carry on for longer to fund austerity.

House of Commons Library experts found the £74billion the move will save works out to £9,800 per person on average across the 7.6 million hit by the change.

The amount is approximately equivalent to about a year’s worth of payments of the new state pension, which totals £8,300, researchers revealed.

Read More : Mirror.

Advertisements

1 Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s