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Bank charges: Raising pension age will cause financial hardship for women

Female pensioners who are already facing rising bank charges could be further hit by an increase to the state pension age, according to an industry expert.

Sarah Pennells, editor of financial advice website, claimed that there is a lot of research which underlines how many women rely heavily on the state pension so those who have to wait for it may face real financial hardship.

She said: "Half a million women born in the mid 1950s will be particularly hard hit by the rise in the state pension age to 66, if it goes ahead.

"Many of these women worked part-time while bringing up a family and so haven't had the same opportunity as men to build up retirement savings through a company or private pension."

The Pensions Bill proposed by the government would raise the age at which women can draw a state pension from 60 to 65 by 2018, with both female and male pension ages set to rise to 66 in 2020.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800599736-ADNFCR

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