Pensions Act 2007
Encyclopedia
The Pensions Act 2007 is an Act
of the Parliament
of the United Kingdom
. It incorporated the main findings of the all-party Pensions Commission
in 2006 as set out in the white paper Security in retirement: towards a new pension system published in May 2006.
The key provisions were:
Modifications to this were made in the Pensions Act 2008
.
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
of the Parliament
Parliament
A parliament is a legislature, especially in those countries whose system of government is based on the Westminster system modeled after that of the United Kingdom. The name is derived from the French , the action of parler : a parlement is a discussion. The term came to mean a meeting at which...
of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. It incorporated the main findings of the all-party Pensions Commission
Pensions Commission
The Pensions Commission was a non-departmental public body in the United Kingdom, reporting to the Secretary of State for Work and Pensions, set up to keep under review the regime for UK private pensions and long-term savings....
in 2006 as set out in the white paper Security in retirement: towards a new pension system published in May 2006.
The key provisions were:
- Reduction of the qualifying years for a full basic State Pension from 44 years for men and 39 years for women to 30 years for both.
- Linking cost of living increases to earnings rather than prices.
- changing the contribution conditions for basic State Pension so that it is easier for everyone to build up some entitlement.
- replacing Home Responsibilities Protection (HRP) with a new system of weekly credits for parents and carers
- Raising the pension age for women to 65 by 2020.
- Raising the pension age for both women and men from 65 to 68 between 2024 and 2046.
- Introducing national insurance credits for parents and carers so that they can build up some entitlement to the additional State Pension.
- End of the option to contract out of the additional State Pension.
Modifications to this were made in the Pensions Act 2008
Pensions Act 2008
The Pensions Act 2008 is an Act of the Parliament of the United Kingdom. The principal change brought about by the Act is that all workers will have to opt out of an occupational pension plan of their employer, rather than opt in...
.
External links
- The Pensions Act 2007, as amended from the National Archives.
- The Pensions Act 2007, as originally enacted from the National Archives.
- Explanatory notes to the Pensions Act 2007.