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| More women work past the age of 60, says the IFS | More women work past the age of 60, says the IFS |
| (about 5 hours later) | |
| More women in the UK are working past the age of 60 because of the raising of the state pension age, according to the Institute for Fiscal Studies (IFS). | More women in the UK are working past the age of 60 because of the raising of the state pension age, according to the Institute for Fiscal Studies (IFS). |
| The study found that 27,000 more women have continued to work past the age of 60 since the pension rules were changed nearly three years ago. | The study found that 27,000 more women have continued to work past the age of 60 since the pension rules were changed nearly three years ago. |
| Since April 2010, the state pension age for women has been progressively increased. | Since April 2010, the state pension age for women has been progressively increased. |
| Currently women have to be at least 61 years and five months to claim it. | Currently women have to be at least 61 years and five months to claim it. |
| "Increasing the age at which women can first receive their state pension has led to significant numbers of women deferring their retirement," said Jonathan Cribb of the IFS. | "Increasing the age at which women can first receive their state pension has led to significant numbers of women deferring their retirement," said Jonathan Cribb of the IFS. |
| "Over half of of women aged 60 are now in paid work for the first time ever," he added. | "Over half of of women aged 60 are now in paid work for the first time ever," he added. |
| Employment | Employment |
| In April 2010, the state pension age for women was increased from 60 to 61. The study looked at those women who just missed out on claiming a pension as a result of that change. | In April 2010, the state pension age for women was increased from 60 to 61. The study looked at those women who just missed out on claiming a pension as a result of that change. |
| It found that employment rates within the 60 year-old age group increased by 7.3%, resulting in 27,000 more women continuing to work. | It found that employment rates within the 60 year-old age group increased by 7.3%, resulting in 27,000 more women continuing to work. |
| However, the figures show that another 5,000 women would also have liked to continue to work, but were unable to find jobs. That resulted in a 1.3% increase in the number of women aged 60 who were unemployed. | However, the figures show that another 5,000 women would also have liked to continue to work, but were unable to find jobs. That resulted in a 1.3% increase in the number of women aged 60 who were unemployed. |
| The study also shows that the government has saved more than £2bn by not having to pay out pensions at the age of 60. | The study also shows that the government has saved more than £2bn by not having to pay out pensions at the age of 60. |
| Husbands also affected | Husbands also affected |
| The IFS said the reasons for women working longer were partly financial. | The IFS said the reasons for women working longer were partly financial. |
| But it also suggested that the state pension age was becoming "an anchor" for decisions about when to retire. | But it also suggested that the state pension age was becoming "an anchor" for decisions about when to retire. |
| "The change in pension age could change social norms," it said. | "The change in pension age could change social norms," it said. |
| The study also found that more husbands have continued to work, as a result of their wives getting their pensions later. | The study also found that more husbands have continued to work, as a result of their wives getting their pensions later. |
| Some 8,300 more men were working than would otherwise have been the case. One reason is that husbands and wives may wish to retire at the same time. | Some 8,300 more men were working than would otherwise have been the case. One reason is that husbands and wives may wish to retire at the same time. |
| The state retirement age for men will begin to rise beyond 65 in 2018 and will then rise in tandem with the pension age for women. | The state retirement age for men will begin to rise beyond 65 in 2018 and will then rise in tandem with the pension age for women. |
| "Despite the weak performance of the economy over these two years, many have been able to limit the loss of state pension income through increased earnings," said Jonathan Cribb. | "Despite the weak performance of the economy over these two years, many have been able to limit the loss of state pension income through increased earnings," said Jonathan Cribb. |