Former Pensions Minister Sir Steve Webb, now a consultant at pensions firm LCP, says that papers published alongside today’s Budget reveal a “mind numbing” £3bn repayment to underpaid women on state pensions.

The cost of reversing the increase in state pension ages could top £200bn, SIPP and platform provider AJ Bell has warned as the result of a High Court case is awaited.

Men and women will for the first time share the same state pension age of 65 from tomorrow (6 November 2018) marking a major pensions milestone set in train 25 years ago but critics say the change is far from fair to women.

Pension firms have called for greater clarity on the state pension, following the Queen’s Speech yesterday. Read more...