Pensions Act 2014: more change ahead
By Suzanne Burrell
The Pensions Act 2014 received royal assent on 14 May 2014, introducing important changes to the regulations for pensions. One key change is the abolition of contracting out. We will cover this in a separate update. Other key changes are summarised below.
The phased increase in state pension age from 66 to 67 was originally proposed for 2034–36. This has now been brought forward to 2026–28. It will therefore affect those born after 5 April 1960.
The act also provides that the government will regularly review (on a five-yearly basis) the state pension age to ensure that future increases are in line with potential increases in life expectancy and also the principle that people should spend a given proportion of their lives receiving a state pension…
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