Pensions Act 2008
Encyclopedia
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. A second change is the creation of a National Employment Savings Trust, a public pension provider for those who do not have an occupational pensions, which will function as a low-fee pension scheme in competition with existing funds.
State pensions Acts
Private pensions Acts
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...
. 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. A second change is the creation of a National Employment Savings Trust, a public pension provider for those who do not have an occupational pensions, which will function as a low-fee pension scheme in competition with existing funds.
Contents
The Pensions Bill 2011 working its way through Parliament makes a number of amendments to the Act, ahead of its due date to be brought into force in 2012.See also
- UK pensions
- National Employment Savings Trust
- Pensions in the United States
- Pension Protection Act of 2006Pension Protection Act of 2006The Pension Protection Act of 2006 , 120 Stat. 780, was signed into law by U.S. President George W. Bush on August 17, 2006.-Pension reform:...
, a law allowing (but not requiring) employers to automatically enrol employees into defined contribution schemes
State pensions Acts
- Widows ‘Orphans’ and Old Age Contributory Pensions Act 1925
- National Insurance Act 1946National Insurance Act 1946The National Insurance Act 1946 was a British Act of Parliament which established a comprehensive system of social security throughout the United Kingdom...
- National Insurance Act 1965
- Social Security Contributions and Benefits Act 1992Social Security Contributions and Benefits Act 1992The Social Security Contributions and Benefits Act 1992 is the primary legislation concerning the state retirement provision, accident insurance, statutory sick pay and maternity pay in the United Kingdom.-Contents:*Part I Contributions...
(c 4)
Private pensions Acts
- Superannuation and other Funds (Validation) Act 1992
- Pension Schemes Act 1993Pension Schemes Act 1993The Pension Schemes Act 1993 is a United Kingdom Act of Parliament that concerns the administration of occupational pensions.-Background:...
- Pensions Act 1995Pensions Act 1995The Pensions Act 1995 is a piece of United Kingdom legislation to improve the running of pension schemes.-Background:Following the death of Robert Maxwell it became clear that he had embezzled a large amount of money from the pension fund of Mirror Group Newspapers...
- Pensions Act 2004Pensions Act 2004The Pensions Act 2004 is an Act of the Parliament of the United Kingdom to improve the running of pension schemes.-Background:In the years following the introduction of the Pensions Act 1995, it was widely perceived that it was failing to offer the protection to pension scheme members that had...
- Pensions Act 2007Pensions Act 2007The 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:#Reduction of the...
External links
- Department of Work and Pensions explanatory page
- The Pensions Act 2008, as amended from the National Archives.
- The Pensions Act 2008, as originally enacted from the National Archives.
- Explanatory notes to the Pensions Act 2008.