Women affected by change in state pension age ‘are owed compensation’, report finds
A long-awaited report on how women born in the 1950s were affected by increases to their retirement age has recommended they are owed compensation.
An investigation by the Parliamentary and Health Service Ombudsman (PHSO) found that thousands of women may have been adversely impacted by the government’s failure to adequately inform them of the change.
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To date, the Department for Work and Pensions (DWP) has not acknowledged its failings or put things right for those women, the watchdog said.
The ombudsman noted that the department has indicated it will not comply with the findings and called on parliament to intervene.
PHSO chief executive Rebecca Hilsenrath, said: ”The UK’s national ombudsman has made a finding of failings by DWP in this case and has ruled that the women affected are owed compensation.
“DWP has clearly indicated that it will refuse to comply. This is unacceptable. The department must do the right thing and it must be held to account for failure to do so. ”
Ms Hilsenrath said that given the ombudsman’s “significant concerns” the DWP will not act on its findings, “we have proactively asked parliament to intervene and hold the department to account”.
She said: “Parliament now needs to act swiftly, and make sure a compensation scheme is established. We think this will provide women with the quickest route to remedy.”
The prime minister’s official spokesman said the government would now “consider the ombudsman’s report and respond to their recommendations formally in due course”.
A DWP spokesman echoed the response, adding: “The government has always been committed to supporting all pensioners in a sustainable way that gives them a dignified retirement whilst also being fair to them and taxpayers.
“The state pension is the foundation of income in retirement and will remain so as we deliver a further 8.5% rise in April which will increase the state pension for 12 million pensioners by £900.”
The findings follow a long-running campaign by the Women Against State Pension Inequality – often known as Waspi women.
The group say millions suffered financially as they were not given sufficient warning to prepare for the change to their retirement age.
The ombudsman’s report suggested that, in the sample cases it has seen, women should receive compensation of between £1,000 and £2,950 – Level 4 on the compensation scale.
However, the findings are not legally binding.
Waspi women ‘very disappointed’ in DWP
Angela Madden, chair of Waspi, told Sky News she wanted to see the government grant Level 6 compensation of £10,000 or more.
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Is Waspi compensation good enough?
While this would cost the exchequer around £36bn, she said the government “have saved £181bn by increasing the state pension age” for women.
“Had they told us, when they first decided in 1995 this was going to happen, we would have had 15 years notice,” she said.
“I got a letter in March 2012, two years before I expected to retire, and that letter told me I wasn’t getting my state pension until March 2020. I was absolutely devastated.
“I’d already given up work to spend time with my then ailing mother. I couldn’t unmake that decision and had [I] had the right information. I wouldn’t have made that decision.”
She added that she is “very disappointed in the DWP” and called on whoever wins the next election to act swiftly on compensation.
“It needs to happen soon as more than 270,000 women have died since we started this campaign”, she said.
Why was the state pension age changed for women?
The state pension age was aligned to match men in a move praised for improving gender equality.
For decades, men had retired at 65 while women had retired at 60.
A law was passed in 1995 setting out a timetable to eventually raise the retirement age for women so it would match the age for men.
Read More:
Generation of women in debt after state pension fallout
The original plan was to phase in the change over a 10-year period between 2010 and 2020 to allow people sufficient time to plan ahead.
However, in 2011 the coalition government accelerated the shift to reduce costs, with the increase in retirement age brought forward to 2018.
Waspi agrees with the equalisation of ages, but says they were not properly informed of the changes, giving them insufficient time to prepare or make other financial arrangements.
The ombudsman investigated complaints that, since 1995, the DWP has failed to provide accurate, adequate and timely information about areas of state pension reform.
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It published stage one of its investigation in July 2021, which found failings in the way the department communicated changes to women’s state pension age.
The DWP’s handling of the pension age changes meant some women lost opportunities to make informed decisions about their finances and diminished their sense of personal autonomy and financial control, the ombudsman said.
Liberal Democrat Chief Whip Wendy Chamberlain said Waspi women have “tirelessly campaigned for justice after being left out of pocket”.
She added: “Liberal Democrats have long supported Waspi in their campaign and it is now up to this Conservative government to come forward with a plan to get these women the compensation they are owed.”
Politics
Scotland’s former first minister Humza Yousaf hits out at Starmer’s ‘dog whistle’ stance on immigration
Former Scottish first minister Humza Yousaf has attacked Sir Keir Starmer for his “dog whistle” stance on immigration after the prime minister said the UK risked becoming an “island of strangers”.
In a piece penned by Mr Yousaf for LBC, the former leader of the Scottish National Party (SNP) repeated claims the prime minister’s recent remarks on immigration were a “modern echo” of Enoch Powell’s infamous 1968 Rivers Of Blood speech.
The prime minister stirred controversy earlier this week when he argued Britain “risked becoming an island of strangers” if immigration levels were not cut.
After many MPs criticised his language, Sir Keir rejected the comparison to Powell, with his official spokesperson saying migrants have made a “massive contribution” to society but his point was that the Tories “lost control of the system”.
File pic: PA
In the LBC piece published on Saturday, Mr Yousaf said: “Powell’s 1968 speech warned of immigration as an existential threat to ‘our blood and our culture’, stoking racial panic that led directly to decades of hostile migration policies.
“Starmer’s invocation of ‘strangers’ is a modern echo – a dog-whistle to voters who blame migrants for every social ill, from stretched public services to the cost-of-living crisis.
“It betrays a failure to understand, or deliberately mask the fact that Britain’s prosperity depends on migration, on openness not building walls.”
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Starmer’s speech divides opinion
Read more:
Labour’s immigration approach builds on Tory rollbacks
Farage on how Reform UK would deal with migration
Sir Keir made the comments at a news conference in which measures were announced to curb net migration, including banning care homes from recruiting overseas, new English language requirements for visa holders and stricter rules on gaining British citizenship.
The package is aimed at reducing the number of people coming to the UK by up to 100,000 per year, though the government has not officially set a target.
The government is under pressure to tackle legal migration, as well as illegal immigration, amid Reform UK’s surge in the polls.
Mr Yousaf concluded his article saying the UK was “on the brink of possibly handing the keys of No 10 to Nigel Farage”.
The US Securities and Exchange Commission (SEC) has held discussions with Everstake, one of the largest non-custodial staking providers globally, to explore clearer regulatory definitions around staking in blockchain networks.
The meeting, which also involved the SEC’s Crypto Task Force, comes at a time when over $193 billion in digital assets are staked across major proof-of-stake (PoS) networks.
However, despite the massive scale of participation, staking remains in a legal gray zone in the US as regulators wrestle with its classification under existing securities law.
The previous SEC administration also took enforcement actions against major players such as Kraken, Coinbase, and Consensys due to their staking services. The agency, under pro-crypto President Donald Trump, has recently dismissed these enforcement actions.
During the meeting, Everstake told the SEC that non-custodial staking should not be classified as a securities transaction. The company said that users maintain full control over their digital assets throughout the staking process and do not transfer ownership to a third party.
They argued that this makes staking a technical function, not an investment product.
“Our main assertion is that staking is not a financial instrument or security transaction, but rather a technical process, a base-layer protocol mechanism—akin to an oracle in a database—that maintains the integrity and functionality of decentralized networks,” Everstake founder Sergii Vasylchuk told Cointelegraph.
Related: SEC delays staking decision for Grayscale ETH ETFs
Everstake calls for regulatory clarity
In a letter submitted to the SEC’s Crypto Task Force on April 8, 2025, Everstake asked the agency to extend regulatory clarity to non-custodial staking and custodial and liquid staking models.
In the letter, which came in respond to Commissioner Hester Peirce’s call for input on regulatory treatment of blockchain services, Everstake argued that non-custodial staking should not be considered a securities offering.
It claimed that non-custodial staking, where users retain control of their tokens, does not involve the pooling of assets or the expectation of profits from managerial efforts.
In its model, Everstake said users delegate only validation rights while maintaining ownership of their digital assets. The staking rewards are algorithmically distributed by the blockchain network itself, and the firm merely provides technical infrastructure.
Related: Ethereum ETF staking will have little impact without multimonth rally: Analyst
Non-custodial staking fails the Howey test
The letter also details why non-custodial staking fails each prong of the Howey test. Users do not make an investment of money in a common enterprise, do not expect profits from Everstake’s efforts, and are not dependent on the company’s management for financial returns.
Instead, any rewards come from network-level incentives and fluctuate with the market value of the underlying asset.
Everstake proposes specific criteria that should exempt non-custodial staking from securities classification. These include user asset control, absence of pooled funds, permissionless unstaking, and the provision of purely technical services.
It likens non-custodial staking to proof-of-work mining, which the SEC has previously ruled out as a securities transaction.
Margaret Rosenfeld, Everstake’s chief legal officer, also told Cointelegraph that “with non-custodial staking, there’s no handover of assets, no investment contract, and no third-party risk.” She added:
“Treating it as a securities offering undermines the decentralized model and risks chilling innovation in the blockchain sector.”
Nevertheless, the SEC has so far withheld a definitive stance. Rosenfeld said that the agency did not make any “specific commitments” on staking guidance. However, it continues to listen to industry stakeholders.
“The Task Force is actively engaging with a range of stakeholders—including those involved with non-custodial staking, ETFs, and broader blockchain infrastructure—to gather input.”
In an April 30 letter to the SEC, nearly 30 crypto advocate groups led by the lobby group the Crypto Council for Innovation (CCI) asked the agency for clear regulatory guidance on crypto staking and staking services.
Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express
A man from Wellington, the capital city of New Zealand, has been arrested in connection with an FBI-led investigation into a global cryptocurrency fraud operation that allegedly stole $450 million New Zealand dollars ($265 million).
According to New Zealand Police, the man is one of 13 individuals charged after authorities executed search warrants across Auckland, Wellington, and California over the past three days.
The charges stem from allegations that members of an organized criminal group manipulated seven victims to obtain large amounts of cryptocurrency, which was then laundered through multiple platforms between March and August 2024.
The US Department of Justice has indicted the man under federal law, including charges of racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering, per the announcement.
Related: Germany seizes $38M in crypto from Bybit hack-linked eXch exchange
Scammer used stolen funds to purchase luxury vehicles
Prosecutors allege the stolen funds were used to purchase $9 million worth of luxury vehicles and spent lavishly on high-end goods, including designer handbags, watches, and clothing, as well as services such as nightclub access, private security, and rentals in Los Angeles, Miami, and the Hamptons.
The accused appeared in Auckland District Court and was granted bail with interim name suppression. He is scheduled to reappear on July 3.
“We have worked closely with our law enforcement colleagues in the United States in support of their investigation,” the police stated. They added:
“Today’s search warrant and arrest reflects the importance of international partnerships where criminals are operating across borders.”
The investigation remains ongoing.
Related: Bybit hacker launders 100% of stolen $1.4B crypto in 10 days
Crypto thefts surge to $360 million in April
Digital asset thefts skyrocketed in April 2025, with nearly $360 million stolen across 18 separate hacking incidents, according to data from blockchain security firm PeckShield.
The figure marks a staggering 990% jump from March when reported losses stood at just $33 million. The sharp rise was largely attributed to a single unauthorized Bitcoin transfer that accounted for the bulk of the month’s losses.
On April 28, blockchain analyst ZachXBT identified a suspicious $330 million BTC transaction. The incident was later confirmed as a social engineering attack that targeted an elderly US resident, resulting in one of the largest individual crypto thefts to date.
Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express
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