Early drawing of state pension: Committee launches inquiry

• Inquiry: Early drawing of state pension
• Work and Pensions Committee

Inquiry background

In its report on Communicating state pension age changes (PDF 2.7MB), published on 15 March 2016, the Committee called on the Government to explore the option of permitting a defined group of women who have been affected by state pension age changes to take early retirement, from a specified age, on an "actuarially neutral basis".

This would mean some women could choose to take a state pension sooner than scheduled in return for lower weekly payments for the duration of their retirements. The "reduction factor" used should ensure that, on average, over the lifetimes of the pensioners concerned, there would be no additional pension costs to the exchequer.

Call for written submissions

Following the publication of the report, the Committee invites written submissions addressing the following points:

• What would be the short-term and long term fiscal impact?
• What would be the other costs of the scheme?
• Could additional costs be incorporated in the reduction factors used to achieve long-term fiscal neutrality?
• How should the scheme interact with pension credit and other benefits?
• How could uncertainty within the system be budgeted for and managed?
• How are similar schemes managed in occupational pensions?
• Who should be eligible and why?
• How popular would the scheme be among the people eligible?
• What impact would it have on the lives of the people eligible?

Send a written submission through the early drawing of state pension inquiry page.

The deadline for written submissions is Sunday 10 April 2016.

Further information

• Guidance: written submissions
• About Parliament: Select committees
• Visiting Parliament: Watch committees

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