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Pensions Act 2007

  • Explanatory Notes Table of contents

Please note:

All reference to 'Parts' and 'sections' are from the Pensions Act 2007. For other versions of these Explanatory Notes, see More Resources.

  1. Introduction

  2. Summary and Background

    1. State Pensions Glossary

      1. Pension categories

      2. Earnings Limits

    2. State Pensions Measures

      1. Category A and B retirement pensions: single contribution condition

        1. Current position

        2. Changes

      2. Category B retirement pension – removal of restriction on entitlement

        1. Current position

        2. Changes

      3. Contributions credits for relevant parents and carers

        1. Current position

        2. Changes

      4. Category A and C retirement pensions: abolition of adult dependency increases

        1. Current position

        2. Changes

      5. Up-rating of basic state pension and other benefits

        1. Current position

        2. Changes

      6. Deemed earnings factors for purposes of additional pension

        1. Current position

        2. Changes

      7. Additional pension: simplification of accrual rates

        1. Current position

        2. Changes

      8. Increase in state pension age

        1. Current position

        2. Changes

    3. Non-State Pensions Measures

      1. Conversion of guaranteed minimum pensions

        1. Current position

        2. Changes

      2. Abolition of contracting-out for defined contribution pension schemes

        1. Current Position

        2. Changes

      3. Dispute resolution arrangements

        1. Current position

        2. Changes

      4. Removal of Secretary of State’s role in approving actuarial guidance

        1. Current position

        2. Changes

      5. Financial assistance scheme: increased levels of payments

        1. Current position

        2. Changes

      6. Personal Accounts Delivery Authority

        1. Current position

        2. Changes

  3. Act Overview

  4. Territorial Application

  5. Commentary on Sections

    1. Part 1: State pension

      1. Section 1: Category A and B retirement pensions: single contribution condition

        1. Provisions of new Paragraph 5A of Schedule 3 to the as inserted by section 1

    2. Schedule 1: Part 1: Category A and B retirement pension: single contribution condition

      1. Section 2: Category B retirement pension: removal of restriction on entitlement

    3. Schedule 1: Part 2:  Category B retirement pension: removal of restriction on entitlement

      1. Section 3: Contributions credits for relevant parents and carers

        1. Provisions of new section 23A

    4. Schedule 1: Part 3: Contributions credits for relevant parents and carers

      1. Section 4: Category A and C retirement pensions: abolition of adult dependency increases

    5. Schedule 1: Part 4: Category A and C retirement pensions: abolition of adult dependency increases

      1. Section 5: Up-rating of basic pension and standard minimum guarantee by reference to earnings

      2. Section 6: Preservation of link with prices in case of other benefits

      3. Section 7: Removal of link between lower earnings limit and basic pension

      4. Section 8: Removal of link between lower earnings limit and basic pension: Northern Ireland

    6. Schedule 1: Part 5: Up-rating of basic pension and standard minimum guarantee by reference to earnings

      1. Section 9: Deemed earnings factors for purposes of additional pension

        1. Provisions of new Section 44B – Deemed earnings factors from 2010-2011 onwards

        2. Provisions of new section 44C – Earnings Factor Credits

    7. Schedule 1: Part 6: Deemed earnings factors for purposes of additional pension

      1. Section 10: Additional pension: removal of accrual bands from 2010 – 11

      2. Section 11: Additional pension: simplified accrual rates as from flat rate introduction year

    8. Schedule 2: Additional pension: simplified accrual rates

      1. Part 1 - New Schedule 4B to the SSCBA

      2. Part 3 - Consequential and Related Amendments: Social Security Contributions and Benefits Act 1992 (c.4)

        1. Section 12: Additional pension: upper accrual point

    9. Schedule 1: Part 7: Additional pension: simplified accrual rates

      1. Section 13: Increase in pensionable age for men and women

    10. Schedule 1: Part 8:  Increase in pensionable age for men and women

    11. Schedule 3: Increase in pensionable age for men and women

      1. Part 2: Occupational and personal pension schemes

        1. Section 14: Conversion of guaranteed minimum pensions

        2. Section 15: Abolition of contracting out for defined contribution pension schemes

    12. Schedule 4: Abolition of contracting-out for defined contribution pension schemes

      1. Part 1

        1. Amendments to Pension Schemes Act 1993

        2. Amendments to Pensions Act 1995

        3. Amendments to Welfare Reform and Pensions Act 1999

        4. Amendment to Pensions Act 2004

      2. Part 2

        1. Social Security Contributions and Benefits Act 1992

        2. Pension Schemes Act 1993

      3. Part 3 – Savings

        1. Section 16: Dispute resolution arrangements

        2. Section 17: Removal of Secretary of State’s role in approving actuarial guidance

    13. Schedule 5: Removal of Secretary of State’s role in approving actuarial guidance

      1. Section 18: Financial assistance scheme: increased levels of payments

      2. Section 19: Temporary restriction on purchase of annuities

      3. Part 3: Personal Accounts Delivery Authority

        1. Section 20: Personal Accounts Delivery Authority

        2. Section 21: Initial function of the Authority

        3. Section 22: Management of the Authority

        4. Section 23: Winding up of the Authority on abandonment of proposals

    14. Schedule 6: The Personal Accounts Delivery Authority

      1. Part 1: Members and employees

      2. Part 2: Proceedings

      3. Part 3: Money

      4. Part 4: Supplementary

      5. Part 4: General

        1. Section 24: Review of operation of Act

        2. Section 25: orders and regulations

        3. Section 26: interpretation

        4. Section 27: Consequential provision , repeals and revocations

        5. Section 28: Financial provisions

  6. Transposition Notes

  7. Commencement

  8. Hansard References

  • Explanatory Notes Table of contents

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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