Pensions Bill 2011 Receives Royal AssentSunday, November 6th, 2011
The Pensions Bill 2011 has completed its parliamentary stages in both Houses and was granted Assent by the Queen on 03 November 2011. We can now refer to this legislation as the Pensions Act 2011.
Together with RTI, the provisions in the Pension Act will undoubtedly involve increased administration for employers. There are a number of areas for attention by the payroll profession, all of which will be analysed over the coming weeks. However, it is important to highlight the key areas:
As we have mentioned discussed, accelerating the increase to the State Pension Age has been a key Coalition Government objective. The legislation is now in place which will see this increase to 66 for both men and women by April 2020 (instead of October 2020).
The scope of the auto-enrolment process, set out in the Pensions Act 2008, has been slightly amended, following an independent review in 2010. The Government accepted the recommendations of this review and incorporated them into the 2011 Act.
We will review the Act fully next week, at which time links to the complete Act should be available.