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 permit women to choose to take a state pension sooner than scheduled in return for lower weekly payments for the duration of their retirements.
Following the publication of the report, the Committee invites written submissions addressing the following questions:
- 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?