Reminder that changes to state pension age will come into effect 1 January 2014
This is a reminder that the change to the state retirement age is due to come into force on 1 January 2014. From this date, anyone reaching age 65 will not be entitled to a state pension until they reach age 66. The age for qualification for the state pension will move out to age 67 in 2021 and then to age 68 in 2028.
These developments are likely to have significant consequences for employers, pension scheme trustees and workers alike.
In particular, the change to the state retirement age has the potential to affect the operation of defined-benefit pension schemes that operate on an integrated basis. Integrated pension schemes are pension schemes that provide for an offset relating to the pension a member will receive from the state in the calculation of the value of pension benefits payable under the scheme. Depending on how this offset is provided for in the trust deed and rules, there is a potential risk that once the state pension age is pushed out to 66, a defined-benefit scheme that previously operated on an integrated basis will become a non-integrated scheme…
If you are registered and logged in to the site, click on the link below to read the rest of the Eversheds briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Eversheds
News from The Lawyer
Briefings from Eversheds
UCITS V regulates the remuneration policy of UCITS management companies.
The FCA has now completed its thematic review of asset management firms and the risk of market abuse (TR 15/1), which it announced in its 2014/15 business plan.
Analysis from The Lawyer
Eversheds is no stranger to an international tie-up but now it’s in the market for the jewel in its global crown
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all