Pensions Act 2007

rdf:langString Pensions Act 2007

rdf:langString An Act to make provision about pensions and other benefits payable to persons in connection with bereavement or by reference to pensionable age; to make provision about the establishment and functions of the Personal Accounts Delivery Authority; and for connected purposes.

rdf:langString Parliament of the United Kingdom

rdf:langString Pensions Act 2007

rdf:langString 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: 1. * 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. 2. * Linking cost of living increases to earnings rather than prices. 3. * changing the contribution conditions for basic State Pension so that it is easier for everyone to build up some entitlement. 4. * replacing Home Responsibilities Protection (HRP) with a new system of weekly credits for parents and carers 5. * Raising the pension age for women to 65 by 2020. 6. * Raising the pension age for both women and men from 65 to 68 between 2024 and 2046. 7. * Introducing national insurance credits for parents and carers so that they can build up some entitlement to the additional State Pension. 8. * End of the option to contract out of the additional State Pension. Modifications to this were made in the Pensions Act 2008.