News

01964 501305

At Ashley Phillips we try to keep you posted with what is happening in the financial world, and how it may affect you.

Below is a pension timeline* as to what has happened recently in the pension arena, and what changes are forecast along with dates.

2008

6 April Employers with less than 50 employees exempt from consulting on pension changes

New basis for transfer values from DB schemes

Changes to dispute resolution procedures come into force

Deregulation Bill expected

October Protected rights to be allowed into all types of SIPP

November New FSA projection and disclosure rules fully in force

Autumn DWP computer system updated for Pensions Act 2007

2009

6 April Minimum MNTs to be increased from one-third to one half

Last date to apply for enhanced or primary protection

Regulations to allow schemes to convert GMPs come into force

2010

6 April Minimum retirement age raised from 50 to 55

State pension age for men and women begins to be equalised to 65 (completed by 6 April 2020)

Qualifying requirements for basic state pension and S2P to be widened

Band 3 earnings for S2P merged into band 2

2011

1 December Review of default retirement age of 65

2012

6 April Basic state pension to be linked to average earnings

Defined contribution contracting-out to be abolished

Protected rights rules to be simplified

Launch of Personal Account scheme (NPSS)

2014

End Government to report on the operation of the Pensions Act 2007

2017

6 April Review of contribution limits/transfers to Personal Accounts

2020

6 April State pension age 65 for everyone

2024

6 April State pension age starts to increase from 65 to 66 (completed by 6 April 2024)

2030

6 April Date by which S2P should be flat-rate and DB contracting-out phased out

2034

6 April State pension age starts to increase from 66 to 67 (completed by 6 April 2036)

2044

6 April State pension age starts to increase from 67 to 68 (completed by 6 April 2046)

*Source: Friends Provident

DB = Defined Benefit

SIPP = Self-Invested Personal Pension

FSA = Financial Services Authority

DWP = Department for Work & Pensions

MNT = Member Nominated Trustees

GMP = Guaranteed Minimum Pension

S2P = State 2nd Pension

NPSS = National Pensions Saving Scheme

Please fill in our FREE NO-OBLIGATION form to allow one of our specialists to contact you