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The Pensions Act 2004 was written to try to fix these deficiences. The Act introduced two new regulatory institutions: the Pensions Regulator , with the powers to require sponsoring companies to make contributions to ensure that scheme funding objectives are met; and the Pension Protection Fund , which would inherit the pension liabilities of a ...
Following the passage of the Old Age Pensions Act 1908 a pension of 5/— per week (£0.25, equivalent, using the Consumer Price Index, to £33 in 2023), [2] or 7/6 per week (£0.38, equivalent to £49/week in 2023) for a married couple, was payable to persons with an income below £21 per annum (equivalent to £2800 in 2023); the qualifying ...
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.
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Pension tax simplification, sometimes referred to as pension simplification was a British overhaul in 2006 of taxation rules for United Kingdom pension schemes.The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning.
The Minimum Funding Requirement (MFR) was a part of United Kingdom legislation in the Pensions Act 1995, and was introduced on 6 April 1997.The Pensions Act 2004 abolishes the MFR replaces it with new "statutory funding objective"; this came into force on 30 December 2005 for all pension schemes with a valuation date after September 22, 2005.
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%.
Liu and Tonks (2012) [2] examine the effect of a company's pension commitments on its dividend and investment policies, assessing the impact of funding rules under the MFR, and also under the funding requirements introduced under the Pensions Act 2004. They find a strong negative relationship between a firm's dividend payments and its pension ...