Changes to the State Pension Age

2nd October 2014 - London

Generali has opted for a straightforward and practical stance with regard to the UK Government’s proposed changes to the State Pension Age (SPA) and the timetable for implementation. If and when these changes are signed into law, Generali will automatically update its timetable of State Pension Ages/State Pension Dates to correspond.

In the case of GIP schemes with a terminal age which tracks SPA, Generali will automatically adapt the scheme terminal age to reflect the government's new SPA timetable. This change will be implemented within the currently in-force unit rate.

Where the terminal age is adapted, either automatically or on request, members will need to be ‘Actively at Work’ at the effective date of the change (i.e. from the date the changes become law) in order to benefit.

With regard to further changes proposed in the UK Government’s 2013 Autumn Statement; Generali will make no immediate changes to its GIP rates until a timetable is announced by the UK Government, and will not take any such changes into account in quoted terms, unless and until the changes are signed into law.

Based on the UK Government’s intention to significantly accelerate the increase in SPA to 68, and the likelihood of the SPA increasing to 69 and above in the future, Generali expects GIP rates to eventually increase across-the-board.

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