The Pensions Act 2011

The Pensions Act 2011 received Royal Assent on 3 November.  Two of the key changes are as follows:

  • From 2011 CPI will replace RPI as the statutory basis for increasing most defined benefit pensions. Using CPI rather than RPI to measure inflation over 2010 gives a revaluation figure of 3.1% rather than 4.6%.  This will represent savings for pension schemes but importantly lower benefits for scheme members.
  • The changes to State Pension Age were confirmed.

State Pension age is the earliest age that State Pensions can be taken.

Currently men retire at 65.  Before 6 April 2010 women retired at 60 but since then their retirement ages have increased.  It was intended that retirement ages for men and women would be equalised at 65 by November 2018 before being increased to 66 by April 2020.

One effect of the increase to age 66 was that certain age groups of women would have to wait up to two years beyond the date they originally expected to receive their pension.  Following representations the dates have been ammended putting back the final change to age 66 to 6 October 2020.  This has reduced the maximum delay to 18 months.

The change will affect both men and women.

Proposed changes for women

Date of birth

Date State Pension age reached

6 April 1953 to 5 May 1953

6 July 2016

6 May 1953 to 5 June 1953

6 November 2016

6 June 1953 to 5 July 1953

6 March 2017

6 July 1953 to 5 August 1953

6 July 2017

6 August 1953 to 5 September 1953

6 November 2017

6 September 1953 to 5 October 1953

6 March 2018

6 October 1953 to 5 November 1953

6 July 2018

6 November 1953 to 5 December 1953

6 November 2018

Proposed changes for men and women

Date of birth

Date State Pension age reached

6 December 1953 to 5 January 1954

6 March 2019

6 January 1954 to 5 February 1954

6 May 2019

6 February 1954 to 5 March 1954

6 July 2019

6 March 1954 to 5 April 1954

6 September 2019

6 April 1954 to 5 May 1954

6 November 2019

6 May 1954 to 5 June 1954

6 January 2020

6 June 1954 to 5 July 1954

6 March 2020

6 July 1954 to 5 August 1954

6 May 2020

6 August 1954 to 5 September 1954

6 July 2020

6 September 1954 to 5 October 1954

6 September 2020

6 October 1954 to 5 April 1960

66th birthday