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Timeline Of Pensions In The United Kingdom
Timeline of changes to the age at which eligible persons receive the United Kingdom State Pension. Timeline (1908–2030) ImageSize = width:720 height:1400 PlotArea = left:0 right:520 bottom:0 top:0 AlignBars = justify DateFormat = dd/mm/yyyy Period = from:1907 till:2030 TimeAxis = orientation:vertical Colors= id:canvas value:gray(0.5) id:TIME value:gray(0.8) # dark gray Define $left = align:right shift:(-25,-5) Define $right = align:left shift:(25,-5) PlotData= mark:(line,white) fontsize:S shift:(25,-5) width:25 from:01/01/1908 till:06/04/2030 color:TIME $left text: from:01/01/1908 till:01/01/1908 color:TIME $left text:"1908" from:01/01/1908 till:01/01/1908 color:TIME $right text:" Old Age Pensions Act passed providing Means-tested benefit to people over 70.^" from:01/01/1925 till:01/01/1925 color:TIME $left text:"1925" from:01/01/1925 till:01/01/1925 color:TIME $right text:"Widows’, Orphans’ and Old Age Contributory Pensions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Pension (United Kingdom)
The State Pension is part of the United Kingdom Government's pension arrangements. Benefits vary depending on the age of the individual and their contribution record. Anyone can make a claim, provided they have a minimum number of qualifying years of contributions. Background Basic State Pension The basic State Pension (alongside the Graduated Retirement Benefit, the State Earnings-Related Pension Scheme, and the State Second Pension) is payable to men born before 6 April 1951, and to women born before 6 April 1953. The maximum amount payable is £141.85 a week (April 2022 - April 2023). New State Pension The new State Pension is payable to men born on or after 6 April 1951, and to women born on or after 6 April 1953. The maximum amount payable is £185.15 a week (April 2022 - April 2023). Contribution record The State Pension is a 'contribution-based' benefit, and depends on an individual's National Insurance (NI) contribution history. To qualify for a full pension ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Old Age Pensions Act 1908
The Old-Age Pensions Act 1908 is an Act of Parliament of the United Kingdom of Great Britain and Ireland, passed in 1908. The Act is often regarded as one of the foundations of modern social welfare in both the present-day United Kingdom and the Irish Republic and forms part of the wider social welfare reforms of the Liberal Government of 1906–1914. Successful single claimants over the age of seventy were paid five shillings a week, while couples in which the husband was aged over seventy got seven shillings and sixpence per week. Outline The Act provided for a non-contributory old age pension for people over the age of seventy, with the cost being borne by taxpayers generally. It was enacted in 1908 and was to pay a weekly pension of 5s a week (7s 6d for married couples) with effect from 1 January 1909. The level of benefit was deliberately set low – the approximate equivalent of £23 in 21st century terms – to encourage workers to go on making their own provision for re ... [...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] |
State Earnings-Related Pension Scheme
The State Earnings Related Pension Scheme (SERPS), originally known as the State Earnings Related Pension Supplement, was a UK Government pension arrangement, to which employees and employers contributed between 6 April 1978 and 5 April 2002, when it was replaced by the State Second Pension. Employees who paid full Class 1 National insurance contribution between 1978 and 2002 earned a SERPS pension. Members of occupational pension schemes could be "contracted out" of SERPS by their employer, in which case they and the employer would pay reduced NI contributions, and they would earn virtually no SERPS pension. General principle The purpose of the scheme was to provide a pension related to earnings, in addition to the basic state pension. The principle was that everyone would receive a SERPS pension of 25 per cent of their earnings above a "lower earning limit" (approximating to the amount of the basic state pension). The scheme was phased in over twenty years so that those retiri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guaranteed Minimum Pension
The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997. The amount is said to be 'broadly equivalent' to the amount the member would have received had they not been contracted out. Originally, when the GMP became payable at State Pension Age, the cost-of-living increases associated with this element of a member's pension were paid by the state with the individual's state pension. With regard to any GMP accrued from 6 April 1988, the occupational pension scheme is required to pay increases in line with the Consumer Price Index up to a maximum of 3%. The change in rules led to a distinction between Pre 1988 GMP and Post 1988 GMP. With effect from 6 April 1997, Guaranteed Minimum Pensions no longer accrued and the system was replaced by the ''Reference Scheme Test''. Examp ... [...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] |
Minimum Funding Requirement
The Minimum Funding Requirement (MFR) was a part of United Kingdom legislation in the Pensions Act 1995, and was introduced on 6 April 1997. The Pensions Act 2004 abolishes the MFR replaces it with new "statutory funding objective"; this came into force on 30 December 2005 for all pension schemes with a valuation date after September 22, 2005. The aim of the Minimum Funding Requirement was to set a minimum amount of assets that a defined benefit pension scheme should hold in order to fund its promised benefits. If a scheme did not hold sufficient assets, the pension scheme was required to achieve the minimum level within a given time scale. For a scheme with less than 90% of the assets required, the scheme had to pay the shortfall below 90% within three years. Where the scheme was between 90% and 100%, the period was ten years. Although legislation set out the broad requirements of the Minimum Funding Requirement, the details of the methods and assumptions to use were specified in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Second Pension
The State Second Pension (S2P), or Additional State Pension, was introduced in the UK by the Labour Government on 6 April 2002, to replace the SERPS ( State Earnings-Related Pension Scheme). The main aim of this change was to skew existing Additional Pension (AP) benefits in favour of low and moderate earners at the expense of higher earners and to extend access to include certain carers and people with long-term illness or disability for the first time. The Additional State Pension was replaced for new pensioners by the new State Pension on 6 April 2016. Differences between SERPS and S2P Before April 2002, AP was provided through the State Earnings-Related Pension Scheme, (SERPS). SERPS was a career average pension scheme, based on the band of earnings each year between a "LEL" or '"Lower Earnings Limit"' (£5,304 in 2011/12) and a "UEL" or '"Upper Earnings Limit"' (£42,475 in 2011/12). Any SERPS entitlement already built up is retained and revalued each year in line with ... [...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] |
The Pensions Regulator
The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005 and has wider powers and a new proactive and risk-based approach to regulation. The Occupational Pensions Regulatory Authority was established by the Pensions Act 1995 and came into full operation on 6 April 1997. It replaced the Occupational Pensions Board as the regulator of occupational pensions in the UK. The Pensions Regulator has a clear set of objectives: * to protect members’ benefits * to reduce the risk of calls on the Pension Protection Fund (PPF) * to promote, and to improve understanding of, the good administration of work-based pension schemes * to maximise employer compliance with automatic enrolment duties; * to minimise any adverse impact on the sustainable growth of an employer (in relation to the exe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Protection Fund
The 'Pension Protection Fund'' (PPF) is a statutory corporation, set up by the Pensions Act 2004, and has been protecting members of eligible defined benefit (DB) pension schemes across the United Kingdom since 2005. It protects close to 10 million members belonging to more than 5,200 pension schemes across the UK. If an employer collapses and its DB pension scheme cannot pay members what they were promised, the PPF will pacompensationfor their lost pensions. Despite being a public body, the PPF is not funded by the government or the taxpayers. It has four sources of funding including an annual levy charged to all the eligible pension schemes under its protection, income from its investments, assets from the schemes that transfer into the fund and recoveries, including money and other assets, from the insolvent employers of the schemes that transfer into the fund. The PPF is one of the UK’s largest asset owners with £39 billion of assets under management. It also administers th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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