Official parliamentary figures show that a total of 2.66 million women have lost out due to the changes introduced in the Pension Acts of 1995 and 2011, affecting women born between April 1953 and April 1960.
Shocking statistics show women in this age bracket have lost on average, according to the figures, £40,000 due to having their retirement age being pushed back.
Under the 1995 Act, the government decided that the pension ages of both men and women would be equalised by 2020, but under the later 2011 Act the coalition government speeded up the latter part of the timetable.
From 2020 both men and women will be entitled to the state pension when they are aged 66, increasing to 67 between 2026 and 2028 and then after that it will be linked to life expectancy.
GettyWomen born in the 1950s have been hit hard by the changes to the state pension
The changes introduced can mean that just a one year difference in age can result in a three-and-a-half-year difference in being able to claim the state pension.
Previously, women retired at 60 while men had to wait until 65 to do the same.
The average weekly state pension for the women affected is £125 per week, equating to £6,500 per year.
The figures mean the Treasury has saved a colossal £106bn.
That sum does not include any money possibly saved by the Treasury by having to pay out any possible pension credits as it cannot be claimed by these women without being in receipt of a pension.
However the total sum saved does not take into account any potential revenue the Treasury may have gained from such things such as tax revenue from those women working or paying out any in-work payments.
GettyState pension problems for some women have meant they have been forced to use their savings to live
Evidence from the Department of Work and Pensions provided to the Work and Pensions Select Committee in February last year revealed keeping the women’s state pension age at 60 for women born in the 1950s would cost £77 billion up to the 2020-21 tax year and that costs would continue to be accrued.
The changes have caused a large amount of outrage from the women affected with many forced into financial hardship having planned to retire originally at 60.
Some have had to resort to using food banks in attempt to make ends meet and have struggled to find work due to their age.
Francesca Trownson, one of the ladies affected by the changes, told Express.co.uk: "Of course I've been robbed. I've been left vulnerable at a time in my life when I thought I had worked hard and long enough to qualify for the tiny cushion of a pension.
“I have been robbed - of my dignity, my hard earned contributions and my security. I live in constant fear that my health will break and I will lose my home. I never thought that this country would do that to women of my generation."
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I have been robbed - of my dignity, my hard earned contributions and my security. I live in constant fear that my health will break and I will lose my home. I never thought that this country would do that to women of my generation
Another, Liz Patterson, said: “I feel robbed of my pension money as the reason I put in for over 40 years was so I had something in my old age. Sixty this year and not informed the SPA had changed in 1995.
“No chance to do anything about it now. Another six years of working and to add insult to injury, also have to continue paying NI contributions on my earnings when people before me stopped doing this when they hit 60.
“So feel very unfair, unjust, penalised because I was born in the 50's and have paid over and above my fair share of NI contributions.
“Am I going to get anything extra for paying another 10 years worth of NI contributions before I can now claim my pension. No, nothing extra. So where is the fairness when the goalposts are moved without even telling you or giving you a chance to do something about it. Yes, I do feel robbed and will continue to feel this for the next 6 years.”
Not only having been hit by various pension changes over the years those affected have also criticised the way they have been implemented, often without informing those affected or only telling them at the last minute leaving them unable to make financial arrangements.
GettyChanges to the state pension for women born in the 1950s have left some virtually penniless
In October 2016, the former Pensions Minister Baroness Altman told the BBC the government had failed in its attempt