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Pensions Act 2007

Act Overview

98.The Act is formed of 4 Parts:

  • Part 1 – State Pension

    • Entitlement to Category A and B retirement pensions

    • Credits for basic state pension

    • Abolition of adult dependency increases

    • Up-rating of basic state pension and other benefits

    • Additional pension: deemed earnings factors

    • Additional pension: simplification of accrual rates

    • Increase in state pension age

  • Part 2 – Occupational and personal pension schemes

    • Conversion of guaranteed minimum pensions

    • Abolition of contracting-out for defined contribution pension schemes

    • Dispute resolution arrangements

    • Removal of Secretary of State’s role in approving actuarial guidance

    • Financial assistance scheme: increased levels of payments

    • Temporary restriction on purchase of annuities

  • Part 3 – Personal Accounts Delivery Authority

  • Part 4 – General

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