£2,950 WASPI Compensation: DWP Offers Update
The Department for Work and Pensions (DWP) has provided an update on the £2,950 compensation being offered to women affected by the Women Against State Pension Inequality (WASPI) campaign.
What is WASPI?
WASPI is a campaign that highlights the unfair treatment of women born in the 1950s who were not adequately informed about the state pension age increase between 2010 and 2018. This resulted in many women being forced into retirement earlier than expected and with significantly less income than they had planned for.
DWP Update: What We Know
The DWP recently clarified that they are not offering a blanket payment of £2,950 to all eligible WASPI women. Instead, the compensation will be calculated based on individual circumstances. The amount offered will depend on:
- Your date of birth: The closer your birthday is to April 6, 1953, the higher the potential compensation.
- How you were notified: The DWP will factor in how you were notified of the pension age changes, with those receiving insufficient information likely to receive higher compensation.
- Whether you were in receipt of pension credit: Women who were in receipt of pension credit before the increase will be considered for a larger payment.
How to Claim Compensation
The DWP has not yet outlined a formal application process for claiming WASPI compensation. However, it has been stated that eligible women will be contacted directly by the department when the scheme is launched.
What to Do If You Think You Are Eligible
If you believe you are affected by the state pension age changes and may be eligible for compensation, you can:
- Keep your details up to date with the DWP: This will ensure you are contacted when the compensation scheme is launched.
- Stay informed: Keep checking official DWP websites and news sources for updates on the compensation scheme.
- Seek advice: If you are unsure about your eligibility or have questions about the process, it is recommended that you seek advice from a pensions specialist or independent financial advisor.
The Future of WASPI
The DWP has announced that it will continue to review the WASPI campaign's demands, including the request for a full refund of lost pension income. The outcome of this review will impact the final amount of compensation available to eligible women.
Stay tuned for further updates from the DWP on the WASPI compensation scheme. It is essential to stay informed and ensure your details are up-to-date to receive the compensation you are entitled to.
