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…
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