Since April 2010 the age at which women can first receive a state pension has been rising from 60. It is currently at 61 years and 5 months and is due to rise to 66 by 2020.
So far this change, first legislated in 1995, has had a strong effect in increasing employment among those women directly affected by the reform. It has also changed the behaviour of some of the husbands of the affected women – possibly because they are delaying their own retirement so they both retire together or perhaps to cover their wives’ lost pension income with additional earnings.
These are among the main findings of new research launched today by researchers at the Institute for Fiscal Studies. This report has been supported by the Nuffield Foundation and the IFS Retirement Saving Consortium.