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From 2015 the scheme retirement age was aligned with the State retirement age (65 - 68). The benefits are index-linked and guaranteed. They are based on final salary and years of membership of the scheme (members who joined before 1 April 2015) or career average salary (members who joined after 1 April 2015).
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National Employment Savings Trust (NEST) is one of the qualifying pension schemes that employers can use to meet their new duties. It was set up as part of the government's workplace pension reforms. Nest is a trust-based defined contribution pension scheme, run by a trustee (Nest Corporation) on a not-for-profit basis.
The Act amended the timetable for increasing the state pension age to 66. Under the Pensions Act 2007, the increase to 66 was due to take effect between 2024 and 2026. This Act brought forward the increase, so that state pension age for both men and women began rising from 65 in December 2018 and reached 66 in October 2020.
This provision requires employers to automatically enrol eligible workers into a qualifying pension scheme. [2] [3] The key aspects of automatic enrolment include: Workers aged between 22 and the State Pension age, earning above a certain threshold (initially set at £5,035, later increased to £10,000), must be automatically enrolled. [2] [4]
Automatic enrolment was introduced in the United Kingdom in 2012. The scheme initially covered all UK citizens in work aged between 22 and the state pension age who earned more than £8,105 a year (this amount rose to £10,000 in 2015), as well as all those not already enrolled in a workplace pension scheme.
The AOW pension age depends on an individual's birth-date, with those born before 1 January 1961 having a pension age of 67 years, [31] while those born between the 1 January 1961 and 30 September 1962 have a pension age of 67 years and 3 months, [31] and those born after the 1 October 1962 having a currently unknown pension age. [31]
This means that those who reach State Pension Age on or after 6 April 2016 and before 6 December 2018 – when the State Pension Age equalises – will receive a fully indexed public service pension for their whole life. A further announcement was made by the Treasury on 28 November 2016. [9] This is still ongoing at 15 October 2017.