WASPI has been working hard to get money for women affected by the pension age change. The latest news suggests that these women could get their compensation soon. We’ll have to wait and see what the compensation will be and when the complete plan will be available.
State Pension Age WASPI:
In 2010, the UK government made the pension age 65 for everyone. This affected women born in the 1950s and 1960s who were suddenly not old enough to get their pensions.
WASPI is a group started in 2015 to fight for these women. They say the DWP didn’t tell people about the pension age change properly, which messed up their financial plans.
In 2021, the PHSO said that these women should be paid for their troubles. But the DWP didn’t agree, so the PHSO asked Parliament to step in.
The PHSO looked into the issue again and made a report in March 2024. They said women should get an apology and payments between £1000 and £2950.
State Pension Age WASPI Latest Update:
The PHSO found that the DWP didn’t properly tell women about the pension changes. After this, the House told the government to give financial help to the WASPI women by July 2024. The Parliament Chairman knows that making this plan will need money, time, and support from the government.
The House said that this problem has been going on for too long and it’s time for the government to solve it.
Now, the WASPI women have to wait until summer to find out the details of the government’s compensation plan.
WASPI compensation Outcome:
The PHSO suggests that women born between April 6, 1950, and April 5, 1960, should get between £1000 and £2950. The DWP is looking at this suggestion to decide the final compensation amount.
Pension Minister Maynard says that following the PHSO’s suggestion would cost between £3.5 billion and £10 billion. This is a difficult issue because the government would need to raise taxes to get this money.
The final compensation amount will be shared under the Government Compensation scheme.
When to expect WASPI compensation?
Parliament has asked the DWP to have the WASPI compensation plan ready before summer break. So, women affected by the pension age change can expect to get their money soon.
Summer break starts on July 23, 2024, so the DWP has two months to make the plan. This means the women could get their money in August 2024.
The pension age change ten years ago hurt many women. They’ve been waiting a long time for this money, and it’s good that the government is finally taking action.
The PHSO reports show that policymakers need to do a better job of telling people about big policy changes. This will help avoid problems like this in the future.