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Pensions Act 2008
The Pensions Act 2008c 30 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. 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 *Minimum employer contribution *Pensions in the United Kingdom *National Employment Savings Trust *Pensions in the United States *Pension Protection Act of 2006, a law allowing (but not requiring) employers to automatically enrol employees into defined contribution schemes ;State pensions Acts *National Insurance Act 1946 *Social Security Contrib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Short Title
In certain jurisdictions, including the United Kingdom and other Westminster-influenced jurisdictions (such as Canada or Australia), as well as the United States and the Philippines, primary legislation has both a short title and a long title. The long title (properly, the title in some jurisdictions) is the formal title appearing at the head of a statute (such as an act of Parliament or of Congress) or other legislative instrument. The long title is intended to provide a summarised description of the purpose or scope of the instrument. Like other descriptive components of an act (such as the preamble, section headings, side notes, and short title), the long title seldom affects the operative provisions of an act, except where the operative provisions are unclear or ambiguous and the long title provides a clear statement of the legislature's intention. The short title is the formal name by which legislation may by law be cited. It contrasts with the long title which, while usual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Protection Act Of 2006
The 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 This legislation requires companies who have underfunded their pension plans to pay higher premiums to the Pension Benefit Guaranty Corporation (PBGC) and extends the requirement of providing extra funding to the pension systems of companies that terminate their pension plans. It also requires companies to analyze their pension plans' obligations more accurately, closes loopholes that previously allowed some companies to underfund their plans by skipping payments, and raises the cap on the amount employers are allowed to invest in their own plans. This will allow employers to deduct more money using the pension tax shield in times of high profits. It requires actuaries to use the equivalent of the projected accrued benefit cost method for determining annual normal cost. Other elements: * Provides statutory authority for employers to enroll ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions Act 2007
The Pensions Act 2007 (c 22) 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 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions Act 2004
The Pensions Act 2004 (c 35) 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 been anticipated. The Occupational Pensions Regulatory Authority was perceived as being reactive, didactic and uncommercial. The minimum funding requirement had not prevented some pension schemes winding up with insufficient assets to secure their liabilities, amid considerable publicity. There was strong political pressure to establish a guarantee fund similar to the American Pension Benefit Guaranty Corporation. Much of the regulation was perceived to be unnecessarily restrictive. The Pensions Act 2004 was written to try to fix these deficiences. The Act introduced two new regulatory institutions: the Pensions Regulator, with the powers to require sponsoring companies to make co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions Act 1995
The Pensions Act 1995c 26 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. As a result of this, a review was established to look into ways that the running of pension schemes could be improved. The end result was the Pensions Act 1995. Overview The main features of the Act included: * The establishment of the Occupational Pensions Regulatory Authority * The Minimum Funding Requirement (MFR) to ensure that all pension schemes had a minimum amount of money * A compensation fund for pension schemes in the event of fraud * Protection for existing pension scheme benefits so that they could not be reduced in the future without member consent * A requirement for pension schemes to have member nominated trustees * Greater disclosure of information to members * The introduction of clear documen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Schemes Act 1993
The Pension Schemes Act 1993c 48 is a United Kingdom Act of Parliament that concerns the administration of occupational pensions. Background The Pension Schemes Act 1993 was the first statute to result from the comprehensive inquiry led by Roy Goode resulting in the command paper, ''Pension Law Reform''.(1993) Cm 2342 Contents Part I contains section 1 that sets out the three pillars, or categories of UK pensions: occupational pensions, personal or private pensions and the public or state pension. Part II concerned administration of the pension system under an "Occupational Pensions Board", though this has now been replaced by the Pensions Regulator under the Pensions Act 2004. Part III in sections 7 to 68 concerns the certification of pension schemes, and the rule that people with entitlement to such schemes get reduced state benefits, and other effects. Part IV in sections 69 to 101 sets out minimum protection for early leavers from their jobs before an entitlement to an occ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security Contributions And Benefits Act 1992
Social organisms, including human(s), live collectively in interacting populations. This interaction is considered social whether they are aware of it or not, and whether the exchange is voluntary or not. Etymology The word "social" derives from the Latin word ''socii'' ("allies"). It is particularly derived from the Italian ''Socii'' states, historical allies of the Roman Republic (although they rebelled against Rome in the Social War of 91–87 BC). Social theorists In the view of Karl MarxMorrison, Ken. ''Marx, Durkheim, Weber. Formations of modern social thought'', human beings are intrinsically, necessarily and by definition social beings who, beyond being "gregarious creatures", cannot survive and meet their needs other than through social co-operation and association. Their social characteristics are therefore to a large extent an objectively given fact, stamped on them from birth and affirmed by socialization processes; and, according to Marx, in producing and reproducin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Insurance Act 1946
The National Insurance Act 1946 (c 67) was a British Act of Parliament passed during the Attlee ministry which established a comprehensive system of social security throughout the United Kingdom. The act meant that all who were of working age were to pay a weekly contribution. If they had been paying National Insurance, mothers were to be entitled to an allowance (of 18 weeks) for each child as well as a lump sum when the child was born. The act however excluded married women. The weekly contributions meant that benefits including sickness benefit and unemployment benefits were able to be offered. Pensions were to offered to men and women at ages 60 and 65 respectively. Background Attlee had campaigned hard in his campaign leading up to the 1945 election for the creation of the welfare state. When elected, he and his administration and adopted Beveridge proposal from 1944 to keep to his manifesto promise. Significance According to the historian Kenneth O. Morgan, the Act const ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions In The United States
Pensions in the United States consist of the Social Security system, public employees retirement systems, as well as various private pension plans offered by employers, insurance companies, and unions. History While various iterations of what could be considered pensions existed before the declared independence of the United States, most were designed solely for veterans of wars or set up as charitable initiatives by Church communities. This trend continued throughout early American history, with much of the first veterans' pension under the newly formed United States offered to retired naval officers in 1799. United States Congress later created the Bureau of Pensions to oversee an increasing number of veterans' pensions in 1832 following the granting of pensions to all American Revolutionary War veterans. Eventually, responsibility for these pensions would be transferred to the Department of the Interior in 1849 as returning veterans from the Mexican–American War put further ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peter Hain
Peter Gerald Hain, Baron Hain (born 16 February 1950), is a British politician who served as Secretary of State for Northern Ireland from 2005 to 2007, Secretary of State for Work and Pensions from 2007 to 2008 and twice as Secretary of State for Wales from 2002 to 2008 and from 2009 to 2010. A member of the Labour Party, he was Member of Parliament (MP) for Neath between 1991 and 2015. Born in Kenya Colony to South African parents, Hain came to the United Kingdom from South Africa as a teenager and was a noted anti-fascist and anti-apartheid campaigner in the 1970s, and was convicted of criminal conspiracy for leading direct action events. Elected to Parliament at a 1991 by-election, he initially served in Tony Blair's government as a junior minister in the Wales Office, Foreign Office and Department of Trade and Industry. Promoted to the Cabinet as Welsh Secretary in 2002, he served concurrently as Leader of the House of Commons from 2003 to 2005 and Northern Ireland Sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions In The United Kingdom
Pensions in the United Kingdom, whereby United Kingdom tax payers have some of their wages deducted to save for retirement, can be categorised into three major divisions - state, occupational and personal pensions. The state pension is based on years worked, with a 35-year work history yielding a pension of £185.15 per week. It is linked to wage and price increases. Most employees and the self-employed are also enrolled in employer-subsidised and tax-efficient occupational and personal pensions which supplement this basic state-provided pension. Historically, the "Old Age Pension" was introduced in 1909 in the United Kingdom (which included all of Ireland at that time). Following the passage of the Old-Age Pensions Act 1908 a pension of 5 shillings per week (25p, equivalent, using the Consumer Price Index, to £ in present-day terms), or 7s.6d per week (equivalent to £/week today) for a married couple, was payable to persons with an income below £21 per annum (equivalent to  ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minimum Employer Contribution
A minimum employer contribution is a mandatory pension contribution in the United Kingdom, which was made compulsory by the Pensions Act 2008, however it did not come into force until 2012. As a result, all staff are required to be automatically enrolled in a pension scheme when they join a firm. The Cameron Ministry modified this rule by means of the 2011 Pension Act, which brought the rule into force in a series of tranches of employers, over several years (finishing by the end of 2017), instead of all at one moment. The pension scheme involves a portion of one's earnings being put into a fund by both the employer and the employee, in order to save money for their retirement. Employers are initially only required to contribute 1% towards the employee's pension fund; this will increase to 2% on April 6, 2018, and then to 3% on April 6, 2019. In addition to this, the minimum employee contribution coming out of their workplace earnings will increase from 1% to 3% in April 2018, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
