SPA increase delayed by 6 months

The government has announced that the planned State Pension Age increase in 2020 will be delayed by six months.

The SPA was due to increase to 66 for both men and women in April 2020, however this has been put back to October of the same year. The increase will also be capped at 18 months, to limit the impact on those women most affected who would have had to wait up to an additional two years for their pension. The government says it is considering how it can help affected women through this transitional period and will communicate their individual SPAs to end uncertainty and enable them to start planning for their future.

The Pensions Bill will be updated for its third reading on 18 October.

SOURCE: http://www.professionalpensions.com/professional-pensions/news/2117012/govt-rise-pension-age