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UK occupational pension schemes are typically jointly funded by the employer and the employees. These are called "contributory pension schemes" since the employee contributes. "Non contributory pension schemes" are where the employer funds the scheme with no contribution from the individual.
Part I contains section 1 that sets out the three pillars, or categories of UK pensions: occupational pensions, personal or private pensions and the public or state pension. Part II concerned administration of the pension system under an "Occupational Pensions Board", though this has now been replaced by the Pensions Regulator under the ...
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The Pensions Act 2007 (c 22) is an Act of the Parliament of the United Kingdom. It incorporated the main findings of the all-party Pensions Commission in 2006 as set out in the white paper Security in retirement: towards a new pension system [ 2 ] published in May 2006.
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.
The benefits paid under basic State Pension are increased in April each year to pensioners living in the UK and in certain overseas countries which have a social security agreement with the UK that includes British pension uprating, [8] in line with the CPI. All state pensions for these pensions are protected by the "triple lock" guarantee.
Following the death of Robert Maxwell, it became clear that he had embezzled a large amount of money from the pension fund of Mirror Group Newspapers. As a result of this, a review was established to look into ways that the running of pension schemes could be improved. The end result was the Pensions Act 1995.
The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997. The amount is said to be 'broadly equivalent' to the amount the member would have ...