Bringing forward the raising of the state pension age to 66, rules for automatic enrolment into workplace pensions and changing the inflation measure for state and public service pensions were outlined in the Pensions Bill 2011.
* The Pensions Bill 2011 proposed an amendment to the timetable for the increase to 66, so that state pension age will increase from 65 to 66 between 2018 and 2020.
* The increase in state pension age to 66 must be applied to both men and women, to comply with the European Union directive that requires equal treatment of men and women in social security matters.
* To enable the increase to 66 to be implemented from 2018, the bill proposed an amendment to the timetable for equalising women’s state pension age with men’s so that women’s state pension age increases more quickly from 2016 to reach 65 by 2018.
* Auto-enrolment measures were outlined to ease the burden on employers and industry whilst maintaining the key aim of ensuring individuals are able to save for their retirement.
* Change to using consumer price index (CPI) from the retail price index (RPI) as the inflation measure for revaluation and indexation of occupational pensions was proposed.
To read more about the Pensions Bill 2011 click here.
Published by DWP, 17 Jul 2013
Department for Work and Pensions unveils plans to remove the individual transfer restrictions for Nest to coincide with the launch of automatic...
Amended: effective from 01 Apr 2017.
Published by DWP, 06 Jun 2012
New rules to tackle the fact the quality requirements for Career Average Revalued Earnings (Care) pension schemes currently interact in an...
Proposed: deadline for responses 11 Jun 2012.
Published by HMRC, 23 Feb 2012
The government has announced it will introduce further legislation under Finance 2012, effective from 22 February 2012, in connection with employer...
Amended: effective from 22 Feb 2012.
Published by HMRC, 23 Feb 2012
HM Revenue & Customs has proposed rules that would allow the National Employment Savings Trust (Nest) to buy shares in sponsoring employers without...
Proposed: deadline for responses 14 Feb 2012.
Published by DWP, 10 Oct 2011
Pension scheme members whose employers went bust between 1 January 1997 and 5 April 2005 are promised speedier assistance from the Financial...
Proposed: deadline for responses 01 Sep 2011.
Published by DWP, 05 Oct 2011
Draft rules for automatic enrolment and re-enrolment, which require employers to sign workers up to a pension scheme and contribute into it from...
Proposed: deadline for responses 11 Oct 2011.
Published by HMRC, 04 Oct 2011
The government has taken steps to prevent tax avoidance by UK residents who transfer their pension pots overseas.
Final ruling: effective from 06 Apr 2011.
From Pensions| May 25, 2012
Government leaves “door open” for early access to pensions stating that if a case can be made for the KiwiSaver scheme, “they may come back to it”.
Delay in the introduction of auto-enrolment begs the question of what reasons there are to justify a further late start for the people who need to...