The Pensions Act 2007

The Pensions Bill received its Royal Assent on the 26 July 2007 and is now The Pensions Act 2007.

In May 2006 the Government published its package of reform proposals in a White Paper ‘Security In Retirement: towards a new pensions system’. These proposals were intended to meet five tests the Government set for Pensions Reform:

• promoting personal responsibility
• simplicity
• sustainability
• fairness
• affordability

The Pensions Bill was introduced by the Department for Work and Pensions (DWP) in November 2006 to:

• make it easier for a person to qualify for a basic State Pension by reducing to 30 the number of years needed to acheive a full basic State Pension
• simplify both state and private pensions
• make the basic State Pension more generous by restoring the link with earnings (by 2012 at the earliest)
• raise the State Pension age to reflect increasing longevity and to encourage extended working lives.

For further information about Pensions Reform please go to The Pensions Service website