The Act is in four parts. Part 1 concerns the State Pension: the entitlement to Category A and B retirement pensions; credits for basic state pension; abolition of adult dependency increases; up-rating of basic state pension and other benefits; additional pensions; increase in state pension age. Part 2 is about occupational and personal pension schemes: conversion of guaranteed minimum pensions; abolition of contracting-out for defined contribution pension schemes; dispute resolution; removal of the Secretary of State's role in approving actuarial guidance; financial assistance scheme; temporary restriction on purchase of annuities. Part 3 concerns the setting up of the Personal Accounts Delivery Authority. Part 4 contains general measure.
The Pensions Act 2011 amends the timetable for increasing the state pension age to 66. Under the Pensions Act (PA) 2007, the increase to 66 was due to take effect between 2024 and 2026. This Act will bring forward the increase so that state pension age for both men and women will begin rising from 65 in December 2018 to reach 66 by October 2020. As a result of bringing forward the increase to 66, the timetable contained in the PA 1995 for equalising women's state pension age with men's at 65 by April 2020 will be accelerated, so that women's state pension age reaches 65 by November 2018. The Act introduces amendments to primary legislation to amend the regulatory framework for the duty on employers to automatically enrol eligible workers into a qualifying pension scheme and to contribute to the scheme. These measures implement recommendations from the Making Automatic Enrolment Work review (Cm. 7954, ISBN 9780101795425). The Act amends existing legislation that provides for revaluation or indexation of occupational pensions and payments by the Pension Protection Fund. This Act also contains a number of measures to correct particular references in the existing body of pensions-related legislation and other small and technical measures to both state and private pension legislation. The Act is in six parts. The amendments made by the Act generally extend to England and Wales and to Scotland.
This Act introduces a low-cost personal account. It aims to automatically enrol eligible workers into pension schemes, introduce a minimum employer contribution, and confer on the Personal Accounts Delivery Authority executive as opposed to advisory powers. All employers will be required to contribute to their workers' pensions a minimum of 3 per cent. on a band of earnings for defined-contribution schemes, as recommended by the Pensions Commission.
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
This draft Pensions Bill contains provisions to introduce a single-tier pension which will for future pensioners replace the current two component State Pension (basic State Pension and additional State Pension) with a single component flat-rate pension that is set above the basic level of means tested support. Previously the Government set out details of its proposals in Cm. 8528 the single-tier pension: a simple foundation for saving (ISBN 9780101852821) and Cm. 8053 A state pension of the 21st century (ISBN 9780101805322). These reforms will also modernise the state pension system to reflect the lives and contributions of today's working age people whilst ensuring the system is sustainable for future generations. As life expectancy continues to rise the Government believes there is a need for a more structured framework within which to consider changes to the State Pension age in the future which this draft legislation includes. The draft Bill also includes measures to reform the current suite of Bereavement Benefits through the introduction of Bereavement Support Payment which will support people through the difficult early months in a more transparent way. The draft Bill contains a number of provisions relating to private pensions mostly to clarify existing legislation relating to automatic enrolment or the Pensions Regulator. There is a new provision to encourage individuals to transfer a cash equivalent value of their accrued rights from a Defined Benefit scheme to an alternative arrangement. There are explanatory notes included which provide an outline of the effect of each clause in the draft Bill and are intended to be read alongside the draft Bill.
This book explores the historical position of pensions law in the UK and the recent influences which have led to the introduction of Auto-Enrolment and subsequent reforms. Alternative models, such as the US and Australia, are also considered as well as the function of law in bringing about political changes. The question of saving for retirement is of national and international importance and many governments are wrestling with the issue of how to deal with the pension funding crisis. Consequently political policy has, in many cases, combined with behavioural science to inform new laws which have acted to shift the burden from the state into the private sector. Around the world responsibility is being moved onto individuals and employers as the state retreats from provision of state support in retirement; this book offers a sophisticated analysis of the role of legal intervention to facilitate this shift. The book explores the work of behavioural economics, its global influence on understanding financial decision-making and its application to legislation which seeks to influence consumer outcomes. Drawing on qualitative empirical research to explore the experience of implementation of Auto-Enrolment, this timely work considers the interaction with the work of behavioural science to highlight the social costs of the new regulatory regime.
Royal Assent, 17 December 2014. An Act to make provision in connection with the taxation of pensions. Explanatory notes to assist in the understanding of the Act are available separately (ISBN 9780105630142)
Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
Connected and Associated: Insolvency and Pensions Law discusses, in detail, the meaning and scope of the 'connected', 'associated' and 'control' tests used in the Insolvency Act 1986. These are in sections 249 and 435, and are incorporated by reference in pensions legislation. It also looks at the linked connected person test in The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021. Connected and Associated: Insolvency and Pensions Law will help you to: - Decide whether a person is connected or associated with another under the insolvency test for the purposes of preferences, transactions at an undervalue, or voting in creditor meetings - Decide whether there is a risk of falling within the potential target net for a contribution notice or financial support direction under the moral hazard powers of the Pensions Regulator in the Pensions Act 2004 - Check whether an investment by a pension scheme is within the limits on employer-related investment under the Pensions Act 1995 - Work out when a disposal by an administrator will be to a connected person - Work out who satisfies the independence test for an evaluator - Deal with connected person voting majorities in a creditor vote in a CVA and a Part A1 Moratorium - Understand the implications of the Administration (Restriction on Disposal etc. to Connected Persons) Regulations 2021 Written by David Pollard, one of the leading experts in this field, this is the only in-depth review of the complex test for connected or associated persons and, as such, is an essential title for insolvency and pension lawyers, litigators, pension trustees, employers, investors, lenders and their advisers. David Pollard is a leading and highly experienced lawyer in the insolvency and pensions fields and in related areas. He is a barrister, practising from Wilberforce Chambers in Lincoln's Inn, and previously practised for 37 years as a solicitor in London and Singapore. David's practice focuses on pensions law; insolvency law and; employment law (involving pensions). He was Chairman of the Association of Pension Lawyers (APL) from 2001 to 2003 and has been a vice chair of the Industrial Law Society.
