Tuesday, 8 November 2011

Pension Bill receives Royal Assent

New pension legislation is on its way for pension managers, administrators and particularly employees. Professional Pensions magazine reports that the Pensions Bill received Royal Assent last week so becoming the Pensions Act 2011. The magazine highlights the key changes as “the increase in state pension age, the switch from RPI to CPI for benefit up-rating and a last minute amendment on the definition of money purchase benefits after the Supreme Court decision in Imperial Home Decor case.”
The article also has an explanation from law firm Sackers on the change to SPA. “The legislation will accelerate the former Labour government's planned rise in SPA so that it reaches 66 in 2020 (rather than 2026). As a result, men's and women's SPAs also equalise faster, with women's SPA hitting 65 in 2018 instead of 2020.”
For the full article and more details on the effects of the act on the pensions industry see www.professionalpensions.com

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