The raising of the state pension age (SPA) to 66 by 2020 will be harder for women than men, experts say.
As part of the Spending Review, George Osborne today announced the SPA will begin rising to 66 from 2015.
"This is a very big change for women," says director-general of Saga Ros Altmann.
"Men's pension age rises by one year, but women's rises by six years in 2020.
"It makes sense to align the SPA for men and women, but this means those who cannot find a job will no longer get pension credit."
Joanne Segars, chief executive of the National Association of Pension Funds (NAPF), says: "These changes will have a particular impact on women in their late 50s, who may have to review their retirement plans.
"The trade-off for a later retirement must be a better state pension, particularly as the UK's is the worst in Europe."
Rash Bhabra, head of corporate consulting at Towers Watson, says: "A woman born on 5 April 1953 will still be able to claim her State Pension when she is just 62 years, 11 months and one day old. A woman born a year and a day later will have to wait until she is 66.
"The extra three years of income could be worth more than £15,000 just looking at the Basic State Pension and could be much higher for women with substantial entitlements to SERPS or the State Second Pension.
"Before the election, the new Liberal Democrat Pensions Minister said he thought it would be illegal to widen the gap between male and female State Pension Age, even temporarily, as the Coalition originally proposed."
Ceri Goddard, chief executive of the Fawcett Society, adds: "It is women who will be the main losers as jobs are cut, public services are rolled back and benefits are slashed."
However, Jennie Kreser, partner at Silverman Sherliker, says: "Women will have to work longer in order to qualify for a pension, but let's think about that; generally women live longer than men anyway.
"They may have a break in their working lives and so ironically might welcome the longer working life in order to 'top up' state pension benefits by occupational pension savings or membership of NEST. It is not all doom and gloom."
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