Stung by pension reforms: The unequal impact of changes in state pension age on UK women and their partners

We investigate the heterogeneity of the effect of having to wait for longer than expected to reach State Pension Age (SPA) on different groups of women and their partners. We find a positive impact on employment and labour force participation, but also large negative impacts on personal, financial, mental wellbeing and life satisfaction. The effects are larger for women with low education and for those without a partner, suggesting that changes in the SPA exacerbate existing inequalities. Our results caution against considering changes in SPA in isolation from personal and family circumstances, given that these affect outcomes significantly.