Retirement age raised to 67 by the lower house of German parliament

Today the lower house of German parliament by a clear majority vote of 408 to 169 decided to raise the retirement age to 67 years. This new measure is to take effect gradually starting in 2012 and will be completed in 2029.
There is one exception to the new rule: Everyone who has made contributions to the retirement insurance for at least 45 years may still retire at the age of 65 without deductions from their pensions. Now the new law still has to be passed by the upper house of German parliament in order to take effect. GERMAN