Following the developing story and the Ombudsman's report suggesting that the government should apologise and pay compensation to women affected by the increase in the state pension age, Lily Megson (pic), Policy Director at My Pension Expert, said: "The DWP is playing for time that it just doesn't have.
“It's promising to respond to the Ombudsman’s report in ‘due course’, but if this process drags on then pressure will only grow on the government to offer suitable compensation to those affected. Ultimately, this case demonstrates the importance of clearer communication around pension policies.
“When reforms are introduced, consumers need to be made well aware of what the changes entail and how they will impact their finances. A crucial part of this – one that is so often overlooked – is opening up better pathways so people can seek out financial information, guidance and advice.
"The government may fall back on the excuse that it provides suitable warning over changes to the state pension age, but the truth is that people need much, much more support in understanding the rules that govern their pensions and retirements. Hopefully the report is the wake-up call the government needs to develop a robust strategy for improving pension engagement and education around financial planning, including the value of independent advice."
