Citation 2007 c 22 | Royal assent 26 July 2007 | |
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Long title 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. | ||
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:
- 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.
- Linking cost of living increases to earnings rather than prices.
- changing the contribution conditions for basic State Pension so that it is easier for everyone to build up some entitlement.
- replacing Home Responsibilities Protection (HRP) with a new system of weekly credits for parents and carers
- Raising the pension age for women to 65 by 2020.
- Raising the pension age for both women and men from 65 to 68 between 2024 and 2046.
- Introducing national insurance credits for parents and carers so that they can build up some entitlement to the additional State Pension.
- End of the option to contract out of the additional State Pension.
Modifications to this were made in the Pensions Act 2008.
References
Pensions Act 2007 Wikipedia(Text) CC BY-SA