|
1 Jul 1948
Basic State Pension introduced |
6 Apr 1956
Retirement Annuity Contracts (RACs) introduced |
6 Apr 1961
State Graduated Pension Scheme introduced |
5 Apr 1975
State Graduated Pension Scheme terminated |
6 Apr 1975
Occupational Pensions Board established |
6 Apr 1975
Preservation introduced for anyone aged 26 or over with at least 5 years qualifying service |
6 Apr 1975
Refunds not permitted to members aged over 45 with earnings in excess of £5,000 a year |
6 Apr 1978
State Earnings Related Pension Scheme (SERPS) introduced |
6 Apr 1978
Contracting-out on a GMP basis introduced for final salary schemes |
6 Apr 1978
Fixed rate GMP revaluation set at 8.5% per annum |
6 Apr 1978
Equal access to occupational schemes for men and women |
31 Jul 1978
Open Market Option on RACs introduced |
27 Jul 1981
Section 32 buy-out policies introduced |
1 May 1983
Occupational Pensions Advisory Service (OPAS) set up to help occupational pension scheme members with disputes |
1 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 |
1 Jan 1986
Post 1-1-86 leavers with a preserved pension have a statutory right to a transfer value |
1 Jan 1986
Age limit of 26 removed for preservation |
16 Mar 1987
Tax free cash limited to £150,000 for RACs |
8 Apr 1987
No lump sum commutation from AVCs which commenced on or after 8 April 1987 |
26 Oct 1987
FSAVCs introduced |
6 Apr 1988
Fixed rate GMP revaluation reduced from 8.5% to 7.5% |
6 Apr 1988
Widower's GMPs must be provided on the same basis as widows' GMPs, in respect of service after 6 April 1988 |
6 Apr 1988
Contracting-out on a protected rights basis for money purchase schemes permitted |
6 Apr 1988
Contracting-out for personal pensions permitted |
6 Apr 1988
GMP accrued after 6 April 1988 must increase in payment by 3% pa |
6 Apr 1988
Preservation period decreased to 2 years |
6 Apr 1988
Compulsory membership of occupational schemes abolished |
6 Apr 1988
Refunds from occupational schemes to employees subject to 20% stand alone tax |
6 Apr 1988
Facility to pay AVCs must be offered by all occupational pension scheme |
1 Jul 1988
Personal pensions introduced |
1 Jul 1988
No new RACs to be issued |
1 Jul 1988
Open Market Option no longer available on RACs |
6 Apr 1989
Earnings cap, the limit set on pensionable earnings, is introduced |
25 Jul 1989
Tax free cash certificate introduced on transfers |
27 Jul 1989
Tax-free cash cap of £150,000 on PPPs removed |
27 Jul 1989
AVC surplus funds allowed to be returned to the employee less tax charge |
11 Oct 1989
SIPPs introduced |
15 Jan 1990
OPAS expands its remit to helping personal pension plan members |
17 May 1990
European Court decision (Barber v GRE) that pension benefits fall within the scope of pay under Treaty of Rome |
17 May 1990
Protected rights can be taken on retirement from a money purchase scheme from age 60 regardless of sex |
12 Nov 1990
Independent Trustee required on schemes winding up with insolvent employer |
1 Jan 1991
For post 1-1-91 leavers, all benefits in excess of GMP revalue at 5% or RPI, whichever is less |
1 Jan 1991
Pension Schemes Registry set up. All schemes with more than one member must register and pay a levy |
1 Mar 1991
Nil certificate introduced on transfers received on or after 6 April 2001 |
1 Mar 1991
Low NRA certificate introduced on transfers received on or after 6 April 2001 |
1 Apr 1991
Pensions Ombudsman set up to settle pension-related disputes |
29 Nov 1991
Benefits may be drawn at any time after age 50 regardless of employment status |
9 Mar 1992
Occupational pension scheme self investment limited to 5% of the scheme's assets |
1 Apr 1992
Loans to employers from insured schemes restricted to 25% |
6 Apr 1993
Fixed rate GMP revaluation reduced from 7.5% to 7% |
23 Jun 1994
Paid maternity leave to count as pensionable service |
1 Jul 1994
Transfer analysis required for transfers from salary related schemes |
28 Sep 1994
AVCs are exempt from equalisation |
28 Sep 1994
Benefits accrued between 17 May 1990 and date of equalisation must be on the best available terms |
28 Sep 1994
Trustees of scheme bear joint responsibility with employers for equalisation |
28 Sep 1994
Receiving occupational schemes are responsible for equalising benefits provided by transfers |
31 May 1995
Part-timers Access cannot be denied on grounds of sex |
6 Apr 1996
Protected rights accrued under a personal pension can be taken from age 60 regardless of sex |
6 Apr 1996
Buy-out policies for protected rights introduced |
30 Jun 1996
Earmarking on divorce introduced |
19 Mar 1997
Transfers from personal pensions and retirement annuities permitted into FSAVCs |
6 Apr 1997
OPB replaced by Opra |
6 Apr 1997
Pensions Compensation Board (PCB) established |
6 Apr 1997
Loans to employers from all occupational schemes (except SSASs) banned |
6 Apr 1997
Requirement to appoint professional advisers (auditor and actuary) introduced |
6 Apr 1997
LPI (capped at 5%) increases introduced for pensions accrued after 5 April 1997 |
6 Apr 1997
Statement of Investment priciples (SIP) required |
6 Apr 1997
Criminal offence for employers to fail to pay contributions to occupational pension schemes within prescribed timescale |
6 Apr 1997
Requirement for MNTs introduced |
6 Apr 1997
MFR introduced for salary related occupational schemes |
6 Apr 1997
Trustees of money purchase schemes must produce a payment schedule |
6 Apr 1997
Winding-up priority orders introduced |
6 Apr 1997
Fixed rate GMP revaluation reduced from 7% to 6.25% |
6 Apr 1997
GMP replaced by a Reference Scheme test |
6 Apr 1997
Age related rebates introduced |
11 May 1997
Married women no longer allowed to pay reduced NI contributions |
6 Apr 1999
Minimum Income Guarantee (MIG) introduced |
30 Jun 1999
AVC benefits can be taken at different time from the main scheme benefits |
30 Jun 1999
FSAVC benefits can be taken at different time from main scheme benefits |
3 Apr 2000
Late payment of contributions changed from criminal offence to civil breach (unless serious) |
29 May 2000
Statutory protection on bankruptcy for pension rights in all approved schemed |
1 Jul 2000
Part-timers to be treated the same as full timers |
3 Jul 2000
Trustees who have to provide a Statement of Investment Principles must include their policy on social, environmental and ethical investments |
30 Nov 2000
Pension sharing on divorce introduced |
1 Jan 2001
Commutation of protected rights in an occupational pension scheme on grounds of serious ill-health permitted |
8 Feb 2001
Part-timers' claims for equal treatment can be back-dated to 8 April 1976 |
6 Apr 2001
Stakeholder pensions introduced |
6 Apr 2001
Civil breach for employers to fail to pay contributions to personal pension plans within prescribed timescale |
8 Oct 2001
Employers must offer access to a stakeholder scheme to all relevant employees, unless exempt |
1 Dec 2001
Financial Services Compensation Scheme (FSCS) introduced |
6 Apr 2002
State Second Pension (S2P) replaces SERPS |
6 Apr 2002
Fixed rate revalaution reduced from 6.25% to 4.5% |
6 Apr 2003
Money purchase scheme providers and trustees must issue Statutory Money Purchase Illustrations (SMPIs) |
11 Jun 2003
Solvent employers have duty to fully fund buy-out of all members' benefits |
6 Oct 2003
Pensions Credit replaces MIG |
10 May 2004
Winding up priority order changed to provide better protection for deferred members |
14 Dec 2004
OPAS changes its name to The Pensions Advisory Service (TPAS) |
17 Dec 2004
The PPF Ombudsman introduced |
6 Apr 2005
The Pensions Protection Fund (PPF) is introduced |
6 Apr 2005
The Pensions Regulator replaces Opra |
6 Apr 2005
LPI cap reduced from 5% to 2.5% for post-6 April 2005 benefits |
6 Apr 2005
Pension protection for occupational pension scheme members affected by TUPE comes into force |
6 Apr 2005
Charging cap on stakeholders increased to 1.5% on the first 10 years of the policy. Remains 1% thereafter |
1 Sep 2005
The Financial Assistance Scheme (FAS) is introduced |
1 Sep 2005
The Fraud Compensation Fund replaces the Pension Compensation Board |
5 Dec 2005
Equal rights for same sex partners introduced |
30 Dec 2005
Scheme funding replaces MFR for valuations after 22 September 2005 |
6 Apr 2006
A-Day! HM Revenue introduces new single pension tax regime to replace previous 8 regimes. |
6 Apr 2006
Annual Allowance (£215,000 2006/07) is introduced |
6 Apr 2006
Lifetime Allowance (£1.5m 2006/07) is introduced |
6 Apr 2006
Primary and Enhanced Protections introduced |
6 Apr 2006
New MNT rules introduced. At least one-third of trustees must be member nominated |
6 Apr 2006
Schemes are not permitted to borrow more than 50% of their net assets |
6 Apr 2006
Loans from schemes must not exceed 50% of assets |
6 Apr 2006
Age and cash restrictions on Protected Rights removed |
6 Apr 2006
Lump sum certificate now redundant |
6 Apr 2006
Short-term annuities introduced |
6 Apr 2006
Alternatively Secured Pensions (ASPs) introduced |
6 Apr 2006
Trustee knowledge and understanding requirements come into force |
6 Apr 2006
New triviality rules, allowing full cash commutation of small funds, is introduced |
6 Apr 2006
Requirement for a SSAS to appoint a Pensioneer Trustee is removed |
6 Apr 2006
Trustees no longer have to provide access to an AVC |
6 Apr 2006
Right to a transfer value to include all members with at least 3 months service |
1 Dec 2006
Age discrimination in relation to pension schemes outlawed |
6 Apr 2009
Deadline for registering for Primary and Enhanced Protections |
6 Apr 2010
Number of qualifying years required for full BSP reduced to 30 |
6 Apr 2010
Minimum retirement age increases to 55 |
6 Apr 2012
Annual increases to state pension to be linked to Earnings |
6 Apr 2012
Estimated introduction date of Personal Accounts |
6 Apr 2020
State pension age for women increased to 65, phased in over 10 years from 2010 |
6 Apr 2026
State pension age increased to 66, phased in over 2 years from 2024 |
6 Apr 2036
State pension age increased to 67, phased in over 2 years from 2034 |
6 Apr 2046
State pension age increased to 68, phased in over 2 years from 2044 |
