|
The opdu Report - Issue 23, November 2007
Bulletin Board
Pensions Act 2007 amends state pension benefits
The Pensions Act 2007 received Royal Assent on 26 July 2007. The Act introduces several changes o the state pensions, including the following:
Currently, in order to achieve a full Basic State Pension, women must contribute for 39 years and men for 44 years. This will be reduced to 30 years for men and women from 6 April 2010. The state pension age will rise to age 68 by 2046 for both men and women. The Basic State Pension will be re-linked with earnings from 2012 (subject to affordability), but in any case by the end of the next Parliament at the latest.
The Act also lays the foundations for the introduction of Personal Accounts with minimum employer contributions and a contribution from the Government – see article "Called to account".
|