Pensions Bill receives Royal Assent

The Pensions Bill 2010/11 has become the Pensions Act 2011 after receiving royal assent.

The Act confirms in legislation that the State Pension Age will rise to 65 for women in 2018, and will reach 66 for both men and women in 2020. In order to limit the impact on women in their late 50's due to retire earlier than this, the increase to age 66 in 2020 has been delayed by six months from April to October.

The rise in the State Pension Age will only affect the age at which people can draw their State Pension. SIPP members will still be able to draw from their SIPP from age 55.

SOURCE: http://www.professionalpensions.com/professional-pensions/news/2122456/pensions-gains-royal-asset-bringing-key-legislative-changes