When will you be able to retire?

The government has come under heavy criticism for its handling of the increases in the state pension age for women in the run-up to the introduction of the new state pension in April. There are three main concerns: that the process is happening too quickly, that changes weren't communicated effectively and that age cut-off points are arbitrarily leaving some women far worse off than others.

In 1995, the then-government began moving the retirement age for women into line with that for men, increasing it in gradual stages from 60 to 65. The first rises took effect for those retiring in 2010. However, the process was accelerated in 2011 in an attempt to combat the financial pressures of an ageing population, with the result that the age for women will rise to 65 by November 2018. For both men and women it will then rise to 66 by October 2020.

Does that seem clear? If so, you're lucky. Many women have only recently realised that they will be receiving their state pension later than they expected. Incredibly, the government didn't write to women affected by the rise until almost 14 years after the 1995 law. Some women didn't find out about the changes until they were only two years away from retirement, meaning they essentially lost out on £40,000 of expected pension income.

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The government has responded to complaints about the speed of the process by introducing measures to ensure the maximum change to anybody's retirement age is 18 months rather than two years. But critics still feel the situation has been grossly mishandled and are urging the government to extend the timetable for further planned rises.

However, advocates of the changes point out that these transitional arrangements would cost billions of pounds, which would ultimately be funded by younger workers. And this is the dilemma. While it's not great to be told you have to wait longer than you thought to receive your state pension, it's difficult to argue against the demographic necessity of it.

Our ageing population means that changes have to be made if the state pension is to be sustainable. The government also likes to point out that those affected by the rising pension age will retire after the introduction of the new state pension and so should eventually end up better off than under the previous two-tier system.Nonetheless, this shows why it's crucial to understand what pension you'll be entitled to and when you can claim it. If you're unsure, you can get a free pension forecast from the Department for Work and Pensions.