Pensions timeline

1. 01 Jul 1948
   Basic State Pension introduced
2. 06 Apr 1956
   Retirement Annuity Contracts (RACs) introduced
3. 06 Apr 1961
   State Graduated Pension Scheme Introduced
4. 05 Apr 1975
   State Graduated Pension Scheme terminated
5. 06 Apr 1975
   Occupational Pensions Board established
6. 06 Apr 1975
   Preservation introduced for anyone aged 26 or over with at least 5 years qualifying service
7. 06 Apr 1975
   Refunds not premitted to members aged over 45 with earnings in excess of £5,000 a year
8. 11 May 1977
   Married women no longer allowed to elect to pay reduced NI contributions
9. 06 Apr 1978
   State Earnings Related Pension Scheme (SERPS) introduced
10. 06 Apr 1978
    Contracting-out on a GMP basis intoduced for final salary schemes
11. 06 Apr 1978
    Fixed rate GMP revalation set at 8.5% per annum
12. 06 Apr 1978
    Equal access to occupational schemes for men and women
13. 06 Apr 1978
    Home Responsibilities Protection (HRP) introduced
14. 31 Jul 1978
    Open Market Option on RACs introduced
15. 27 Jul 1981
    Section 32 buy-out policies introduced
16. 01 May 1983
    Occupational Pensions Advisory Service (OPAS) set up to help pension scheme members with disputes
17. 01 Jan 1986
    For post 1-1-86 leavers, benefits in excess of GMP accrued after 1-1-85 revalue at 5% or RPI. whichever is less
18. 01 Jan 1986
    Post 1-1-86 leavers with a preserved pension have a right to a transfer value
19. 01 Jan 1986
    Age limit of 26 removed for preservation
20. 16 Mar 1987
    Tax free cash limited to £150,000 for RACs
21. 08 Apr 1987
    No lump sum commutation from AVCs which commenced on or after 8 April 1987
22. 26 Oct 1987
    FSAVCs introduced
23. 06 Apr 1988
    Fixed rate GMP revaluation reduced from 8.5% to 7.5%
24. 06 Apr 1988
    Widower's GMPs must be provided on the same basis as widows' GMPs, in respect of service after 6 April 1988
25. 06 Apr 1988
    Contracting-out on a protected rights basis for money purchase schemes permitted
26. 06 Apr 1988
    Contracting-out for personal pensions permitted
27. 06 Apr 1988
    GMP accrued after 6 April 1988 must increase in payment by 3% pa
28. 06 Apr 1988
    Preservation period decreased to 2 years
29. 06 Apr 1988
    Compulsory membership of occupational schemes abolished
30. 06 Apr 1988
    Refunds from occupational schemes to employees subject to 20% stand alone tax
31. 06 Apr 1988
    Facility to pay AVCs must be offered by all occupational pension scheme
32. 01 Jul 1988
    Personal pensions introduced
33. 01 Jul 1988
    No new RACs to be issued
34. 01 Jul 1988
    Open Market Option no longer available on RACs
35. 06 Apr 1989
    Earnings cap, the limit set on pensionable earnings, is introduced
36. 25 Jul 1989
    Tax free cash certificate introduced on transfers
37. 27 Jul 1989
    Tax-free cash cap of £150,000 on PPP's removed
38. 27 Jul 1989
    AVC surplus funds allowed to be returned to the employee less tax charge
39. 11 Oct 1989
    SIPPs introduced
40. 15 Jan 1990
    OPAS expands its remit to helping personal pension plan members
41. 17 May 1990
    European Court decision (Barber v GRE) that pension benefits fall within the scope of pay under Treaty of Rome
42. 17 May 1990
    Protected rights can be taken on retirement from a money purchase scheme from age 60 regardless of sex
43. 12 Nov 1990
    Independent Trustee required on schemes winding up with insolvent employer
44. 01 Jan 1991
    For post 1-1-91 leavers, all benefits in excess of GMP revalue at 5% or RPI, whichever is less
45. 01 Jan 1991
    Pension Schemes Registry set up. All schemes with more than one member must register and pay a levy
46. 01 Mar 1991
    Nil certificate introduced on transfers received on or after 6 April 2001
47. 01 Mar 1991
    Low NRA certificate introduced on transfers received on or after 6 April 2001
48. 01 Apr 1991
    Pensions Ombudsman set up to settle pension-related disputes
49. 29 Nov 1991
    Benefits may be drawn at any time after age 50 regardless of employment status
50. 09 Mar 1992
    Occupational pension scheme self investment limited to 5% of the scheme's assets
51. 01 Apr 1992
    Loans to employers from insured schemes restricted to 25%
52. 06 Apr 1993
    Fixed rate GMP revaluation reduced from 7.5% to 7%
53. 23 Jun 1994
    Paid maternity leave to count as pensionable service
54. 01 Jul 1994
    Transfer analysis required fro transfers from salary related schemes
55. 28 Sep 1994
    AVCs are exempt from equallisation
56. 28 Sep 1994
    Benefits accrued between 17 May 1990 and date of equalisation must be on the best available terms
57. 28 Sep 1994
    Trustees of scheme bear joint responsibility with employers for equalisation
58. 28 Sep 1994
    Receiving occupational schemes are responsible for equalising benefits provided by transfers
59. 31 May 1995
    Part-timers Access cannot be denied on grounds of sex
60. 06 Apr 1996
    Protected rights accrued under a personal pension can be taken from age 60 regardless of sex
61. 06 Apr 1996
    Buy-out policies for protected rights introduced
62. 30 Jun 1996
    Earmarking on divorce introduced
63. 19 Mar 1997
    Transfers from personal pensions and retirement annuities permitted into FSAVCs
64. 06 Apr 1997
    OPB replaced by Opra
65. 06 Apr 1997
    Pension Compensation Board (PCB) established
66. 06 Apr 1997
    Loans to employers from all occupational schemes (except SSASs) banned
67. 06 Apr 1997
    Requirement to appoint professional advisers (auditor and actuary) introduced
68. 06 Apr 1997
    LPI (capped at 5%) increases introduced for pensions accrued after 5 April 1997
69. 06 Apr 1997
    Statement of Investment principles (SIP) required
70. 06 Apr 1997
    Criminal offence for employers to fail to pay contributions to occupational pension schemes
71. 06 Apr 1997
    Requirement for MNTs introduced
72. 06 Apr 1997
    MFR introduced for salary related occupational schemes
73. 06 Apr 1997
    Trustees of money purchase schemes must produce a payment schedule
74. 06 Apr 1997
    Winding-up priority orders introduced
75. 06 Apr 1997
    Fixed rate GMP revaluation reduced from 7% to 6.25%
76. 06 Apr 1997
    GMP replaced by a Reference Scheme test
77. 06 Apr 1997
    Age related rebates introduced
78. 06 Apr 1999
    Minimum Income Guarantee (MIG) introduced
79. 30 Jun 1999
    AVC benefits can be taken at different time from the main scheme benefits
80. 30 Jun 1999
    FSAVC benefits can be taken at different time from main scheme benefits
81. 03 Apr 2000
    Late payment of contributions changed from criminal offence to civil breach (unless serious)
82. 29 May 2000
    Statutory protection on bankruptcy for pension rights in all approved schemed
83. 01 Jul 2000
    Part-timers to be treated the same as full timers
84. 03 Jul 2000
    Trustees who have to provide a SIP must include their policy on social, environmental and ethical investments
85. 30 Nov 2000
    Pension sharing on divorce introduced
86. 01 Jan 2001
    Commutation of protected rights in an occupational pension scheme on grounds of serious ill-health permitted.
87. 08 Feb 2001
    Part-timers' claims for equal treatment can be back-dated to 8 April 1976
88. 06 Apr 2001
    Stakeholder pensions introduced
89. 06 Apr 2001
    Civil breach for employers to fail to pay contributions to personal pension plans within prescribed timescale
90. 08 Oct 2001
    Employers must offer access to a stakeholder scheme to all relevant employees, unless exempt
91. 01 Dec 2001
    Financial Services Compensation Scheme (FSCS) introduced
92. 06 Apr 2002
    State Second Pension (S2P) replaces SERPS
93. 06 Apr 2002
    Fixed rate revaluation reduced from 6.25% to 4.5%
94. 06 Apr 2003
    Money purchase scheme providers and trustees must issue Statutory Money Purchase Illustrations (SMPIs)
95. 11 Jun 2003
    Solvent employers have duty to fully fund buy-out of all members' benefits
96. 06 Oct 2003
    Pensions Credit replaces MIG
97. 10 May 2004
    Winding-up priority order changes to provide better protection for deferred members
98. 14 Dec 2004
    OPAS changes its name to The Pensions Advisory Service (TPAS)
99. 17 Dec 2004
    The PPF Ombudsman introduced
100. 06 Apr 2005
     The Pensions Protection Fund (PPF) is introduced
101. 06 Apr 2005
     The Pensions Regulator replaces Opra
102. 06 Apr 2005
     LPI cap reduced from 5% to 2.5% for post - 6 April 2005 benefits
103. 06 Apr 2005
     Pension protection for occupational pension scheme members affected by TUPE comes into force
104. 06 Apr 2005
     Charging cap on stakeholders increased to 1.5% on the first 10 years of the policy. Remains 1% thereafter
105. 01 Sep 2005
     The Financial Assistance Scheme (FAS) is introduced
106. 01 Sep 2005
     The Fraud Compensation Fund replaces the Pension Compensation Board
107. 05 Dec 2005
     Equal rights for same sex partners introduced
108. 30 Dec 2005
     Scheme funding replaces MFR for valuations after 22 September 2005
109. 06 Apr 2006
     A-Day! HM Revenue introduces new single pension tax regime to replace previous 8 regimes
110. 06 Apr 2006
     Annual Allowance (£215,000 2006/07) is introduced
111. 06 Apr 2006
     Lifetime Allowance (£1.5m 2006/07) is introduced
112. 06 Apr 2006
     Primary and Enhanced Protections introduced
113. 06 Apr 2006
     New MNT rules introduced. At least one-third of trustees must be member nominated
114. 06 Apr 2006
     Schemes are not permitted to borrow more than 50% of their net assets
115. 06 Apr 2006
     Loans from schemes must not exceed 50% of assets
116. 06 Apr 2006
     Age and cash restrictions on Protected Rights removed
117. 06 Apr 2006
     Lump sum certificate now redundant
118. 06 Apr 2006
     Short-term annuities introduced
119. 06 Apr 2006
     Alternatively Secured Pensions (ASPs) introduced
120. 06 Apr 2006
     Trustee knowledge and understanding requirements come into force
121. 06 Apr 2006
     New triviality rules, allowing full cash commutation of small funds, is introduced
122. 06 Apr 2006
     Requirement for a SSAS to appoint a Pensioneer Trustee is removed
123. 06 Apr 2006
     Trustees no longer have to provide access to an AVC
124. 06 Apr 2006
     Right to a transfer value to include all members with at least 3 months service
125. 01 Dec 2006
     Age discrimination in relation to pension schemes outlawed
126. 06 Apr 2007
     Fixed rate revaluation reduced from 4.5% to 4%
127. 01 Oct 2007
     Trustees given more freedom for dealing with complaints under the Internal Dispute Resolution Procedure (IDRP)
128. 01 Oct 2008
     HMRC allows SIPPs to hold protected right funds
129. 06 Apr 2009
     Major changes to the eligibility and cost of paying voluntary NI contributions
130. 06 Apr 2009
     Deadline for registering for Primary and Enhanced Protections
131. 06 Apr 2009
     For post 5-4-09 leavers, benefits in excess of GMP revalue at: 5% or RPI if less for accrual up to 5-4-09; 2.5% or RPI if less for accrual from 6-4-09.
132. 01 Dec 2009
     Introduction of new triviality rules for occupational pension schemes
133. 06 Apr 2010
     Number of qualifying years required for full BSP reduced to 30
134. 06 Apr 2010
     HRP replaced by a new system of weekly credits for carers
135. 06 Apr 2010
     Minimum retirement age increased to 55
136. 06 Apr 2011
     Requirement to purchase an annuity by age 75 is abolished
137. 06 Apr 2011
     Basic State Pension to be uprated annually using earnings, prices or 2.5 per cent, whichever is highest
138. 06 Apr 2011
     Annual Allowances reduces to £50,000
139. 06 Apr 2011
     Public sector pensions uprated by CPI instead of RPI.
140. 11 Apr 2011
     Introduction date of NEST (the National Employment Savings Trust)
141. 05 Apr 2012
     Deadline for applying to HMRC for Fixed Protection
142. 06 Apr 2012
     Contracting out in defined contribution schemes to be abolished
143. 06 Apr 2012
     Lifetime Allowance reducing from £1.8m to £1.5m
144. 01 Oct 2012
     Auto-enrolment rules come into force
145. 21 Dec 2012
     Insurers must use gender-neutral rates when calculating annuity quotations
146. 06 Dec 2018
     State pension age for women increasing to 65, phased in from April 2010
147. 06 Oct 2020
     State pension age increasing to 66, phased in from December 2018
148. 06 Apr 2036
     State pension age increasing to 67, phased in over 2 years from 2034
149. 06 Apr 2046
     State pension age increasing to 68, phased in over 2 years from 2044

Key

	Occupational Pensions		All Private Pensions		State Pensions
	Personal & Stakeholder