Pensions Act 2007: summary of key points

Resource type: Practice note

Status: Maintained

Jurisdictions: England, Wales

A summary of the main changes introduced in the Pensions Act 2007. Among other things, the legislation increased state pension ages, provided for the basic state pension to increase by reference to earnings, eased the qualifying criteria, and reformed the contracting-out regime.

PLC Pensions

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Resource information

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Resource ID: 8-375-9429
Products: PLC UK Pensions, PLC UK Public Sector
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

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Related content

Topics

Miscellaneous: Pensions and Retirement BenefitsMiscellaneous: Pensions and Retirement Benefits (http://employment.practicallaw.com/1-103-1340)
Policy and Reform: Pensions and Retirement BenefitsPolicy and Reform: Pensions and Retirement Benefits (http://employment.practicallaw.com/0-103-1345)

Practice note: overview

Auto-enrolment and new employer pension duties: overview Auto-enrolment and new employer pension duties: overview (http://uk.practicallaw.com/topic4-500-1097)
Contracting out of the state second pension: overview Contracting out of the state second pension: overview (http://uk.practicallaw.com/topic5-504-9541)
Pensions in the UK: overview Pensions in the UK: overview (http://uk.practicallaw.com/topic2-235-7983)

Practice notes

Contracting-out: dealing with the abolition of protected rights Contracting-out: dealing with the abolition of protected rights (http://uk.practicallaw.com/topic3-506-5669)
Internal dispute resolution procedure Internal dispute resolution procedure (http://uk.practicallaw.com/topic1-205-6264)

Standard document

Pension scheme trust deed and rules Pension scheme trust deed and rules (http://uk.practicallaw.com/topic1-501-5637)

Glossary

Additional state pension Additional state pension (http://uk.practicallaw.com/topic1-205-6570)
Basic state pension Basic state pension (http://uk.practicallaw.com/topic4-375-9148)
Board for Actuarial Standards Board for Actuarial Standards (http://uk.practicallaw.com/topic4-207-5954)
Contracted-out employment Contracted-out employment (http://uk.practicallaw.com/topic0-107-6329)
Defined contribution (DC) pension scheme Defined contribution (DC) pension scheme (http://uk.practicallaw.com/topic6-107-6072)
Financial Assistance Scheme (FAS) Financial Assistance Scheme (FAS) (http://uk.practicallaw.com/topic3-207-8953)
Guaranteed minimum pension (GMP) Guaranteed minimum pension (GMP) (http://uk.practicallaw.com/topic4-107-6676)
Internal dispute resolution procedure (IDRP) Internal dispute resolution procedure (IDRP) (http://uk.practicallaw.com/topic3-422-4797)
Low earnings threshold Low earnings threshold (http://uk.practicallaw.com/topic4-501-5259)
National Insurance contributions (NICs) National Insurance contributions (NICs) (http://uk.practicallaw.com/topic8-201-8297)
National Insurance Services to Pensions Industry (NISPI) National Insurance Services to Pensions Industry (NISPI) (http://uk.practicallaw.com/topic3-205-6989)
Personal Accounts Delivery Authority (PADA) Personal Accounts Delivery Authority (PADA) (http://uk.practicallaw.com/topic8-375-8284)
Primary threshold Primary threshold (http://uk.practicallaw.com/topic1-205-6589)
Protected rights Protected rights (http://uk.practicallaw.com/topic6-207-4963)
State pension age State pension age (http://uk.practicallaw.com/topic2-200-3500)
Upper earnings limit Upper earnings limit (http://uk.practicallaw.com/topic2-205-6584)

Legal update: archive

Government confirms details of Financial Assistance Scheme improvements Government confirms details of Financial Assistance Scheme improvements (http://uk.practicallaw.com/topic5-244-1952)
Government publishes its response to the abolition of DC contracting-out consultation Government publishes its response to the abolition of DC contracting-out consultation (http://uk.practicallaw.com/topic1-237-5973)
Pensions White Paper, Security in retirement: towards a new pensions system Pensions White Paper, Security in retirement: towards a new pensions system (http://uk.practicallaw.com/topic8-202-4458)
Pensions White Paper: personal accounts Pensions White Paper: personal accounts (http://uk.practicallaw.com/topic2-208-4964)

External resource

Pensions Bill 2011 Pensions Bill 2011 (http://uk.practicallaw.com/topic3-504-5011)

Pensions Act 2007: summary of key points

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