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The Pensions Act 2008
c 30
is an Act of the
Parliament of the United Kingdom The Parliament of the United Kingdom is the Parliamentary sovereignty in the United Kingdom, supreme Legislature, legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of We ...
. The principal change brought about by the Act is that all workers will have to opt out of an
occupational pension A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments ...
plan of their employer, rather than opt in. A second change is the creation of a National Employment Savings Trust, a public pension provider for those who do not have an occupational pensions, which will function as a low-fee pension scheme in competition with existing funds.


Contents

The Pensions Bill 2011 working its way through Parliament makes a number of amendments to the Act, ahead of its due date to be brought into force in 2012.


See also

*
Minimum employer contribution A minimum employer contribution is a mandatory pension contribution in the United Kingdom, which was made compulsory by the Pensions Act 2008, however it did not come into force until 2012. As a result, all staff are required to be automatically ...
*
Pensions in the United Kingdom Pensions in the United Kingdom, whereby United Kingdom tax payers have some of their wages deducted to save for retirement, can be categorised into three major divisions - state, occupational and personal pensions. The state pension is based on ...
* National Employment Savings Trust *
Pensions in the United States Pensions in the United States consist of the Social Security system, public employees retirement systems, as well as various private pension plans offered by employers, insurance companies, and unions. History While various iterations of what co ...
*
Pension Protection Act of 2006 The Pension Protection Act of 2006 (), 120 Stat. 780, was signed into law by U.S. President George W. Bush on August 17, 2006. Pension reform This legislation requires companies who have underfunded their pension plans to pay higher premiums to ...
, a law allowing (but not requiring) employers to automatically enrol employees into defined contribution schemes ;State pensions Acts *
National Insurance Act 1946 The National Insurance Act 1946 (c 67) was a British Act of Parliament passed during the Attlee ministry which established a comprehensive system of social security throughout the United Kingdom. The act meant that all who were of working age wer ...
*
Social Security Contributions and Benefits Act 1992 Social organisms, including human(s), live collectively in interacting populations. This interaction is considered social whether they are aware of it or not, and whether the exchange is voluntary or not. Etymology The word "social" derives from ...


;Private pensions Acts *
Pension Schemes Act 1993 The Pension Schemes Act 1993c 48 is a United Kingdom Act of Parliament that concerns the administration of occupational pensions. Background The Pension Schemes Act 1993 was the first statute to result from the comprehensive inquiry led by Roy ...
*
Pensions Act 1995 The Pensions Act 1995c 26 is a piece of United Kingdom legislation to improve the running of pension schemes. Background Following the death of Robert Maxwell, it became clear that he had embezzled a large amount of money from the pension fund o ...
*
Pensions Act 2004 The Pensions Act 2004 (c 35) is an Act of the Parliament of the United Kingdom to improve the running of pension schemes. Background In the years following the introduction of the Pensions Act 1995, it was widely perceived that it was failing t ...
* Pensions Act 2007


Notes


References


All firms must offer pensions, government agrees
(27 October 2010) BBC News *E McGaughey, ''A Casebook on Labour Law''
Hart 2019
ch 6(4)


External links


Department of Work and Pensions explanatory pageThe Pensions Act 2008
as amended from the National Archives.
The Pensions Act 2008
as originally enacted from the National Archives.
Explanatory notes
to the Pensions Act 2008. {{UK legislation Pensions in the United Kingdom United Kingdom Acts of Parliament 2008