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The basic State Pension (alongside the Graduated Retirement Benefit, the State Earnings-Related Pension Scheme, and the State Second Pension) is a benefit payable to men born before 6 April 1951, and to women born before 6 April 1953. The maximum amount payable is £169.50 a week (April 2024 - April 2025). [1]
The Pensions Act 2008 is an Act of the Parliament of the United Kingdom. The principal change brought about by the Act is that all workers will have to opt out of an occupational pension plan of their employer, rather than opt in. This is referred to as automatic enrolment, and moves a significant amount of responsibility onto the employer to ...
The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004 , the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005 [1] and has wider powers and a new proactive and risk-based approach to regulation.
Pension Credit. Pension Credit is the principal element of the UK welfare system for people of pension age. It is intended to supplement the UK State Pension, or to replace it (for example, if the claimant did not meet the conditions to claim a State Pension). It was introduced in the UK in 2003 by Gordon Brown, then Chancellor of the Exchequer.
Timeline of State Pension age in the United Kingdom. Timeline of changes to the age at which eligible persons receive the United Kingdom State Pension .
Limited price indexation ( LPI) is a pricing index used to calculate increases in components of scheme pension payments in the United Kingdom. Currently, the statutory requirement for occupational pension schemes is that pensions in payment must be increased by the lower of RPI and 2.5%. Usually the lesser of the annual increase in the Retail ...
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