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Successive governments have been concerned that as a nation we are simply not saving enough for our retirement, compounded by an ever increasing population of longer
living baby boomers. In fact around 19 million non-retired adults aged 18+ are not contributing to a pension*
Trees for Life recently sent us a certificate as a thank you for our corporate donation, which sponsored the planting of a grove of 90 trees.
The Pensions Bill, which will become the Pensions Act 2008, is currently passing through parliament and proposes a radical change to the way in which workers will be able to make provision for their pensions at retirement in the future.
This Act became law in July 2007 and signifies the first major step in the Government’s reform of pensions (both state and private). It signifies the start of some of the most fundamental changes to the pension landscape we have seen. This will affect all people in the working population and all employers.
Until 6 April 2006, companies could impose a minimum period of service before employees could qualify for the benefits of their occupational pension scheme. This was known as the vesting period, and could be up to two years.
The Pensions Act 2004 brought in new rules on internal controls. They stipulate that trustees or managers of an occupational pension scheme must establish and operate internal controls, to ensure the scheme is administered and managed in accordance with the scheme rules and the law.
From 6 April 2006, the Government introduced several new requirements designed to protect members of Occupational Pension Schemes, (i.e. a scheme where trustees are appointed).
One of the many aspects affected by the Government’s recent changes to employment and pensions legislation, is Age Discrimination. This overview briefly explains these changes. We’ll be pleased to give you more details and advice.
If you run an occupational pension scheme (where trustees are appointed), then the new regulations on Member Nominated Trustees (MNTs) will affect you.