| Act of Parliament | |||||||||
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| Long title | An Act to make provision about pensions and other benefits payable to persons in connection with bereavement or by reference to pensionable age; to make provision about the establishment and functions of the Personal Accounts Delivery Authority; and for connected purposes. | ||||||||
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| Citation | 2007 c. 22 | ||||||||
| Introduced by | John Hutton MP, Secretary of State for Work and Pensions (Commons) Lord McKenzie of Luton, Parliamentary Under-Secretary of State, Department for Work and Pensions (Lords) | ||||||||
| Territorial extent | |||||||||
| Dates | |||||||||
| Royal assent | 26 July 2007 | ||||||||
| Commencement | various | ||||||||
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Status: Amended | |||||||||
| History of passage through Parliament | |||||||||
| Text of statute as originally enacted | |||||||||
| Revised text of statute as amended | |||||||||
| Text of the Pensions Act 2007 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |||||||||
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 published in May 2006.
The key provisions were:
- Reduction of the qualifying years for a full basic State Pension from 44 years for men and 39 years for women to 30 years for both.
- Linking cost of living increases to earnings rather than prices.
- changing the contribution conditions for basic State Pension so that it is easier for everyone to build up some entitlement.
- replacing Home Responsibilities Protection (HRP) with a new system of weekly credits for parents and carers
- Raising the pension age for women to 65 by 2020.
- Raising the pension age for both women and men from 65 to 68 between 2024 and 2046.
- Introducing national insurance credits for parents and carers so that they can build up some entitlement to the additional State Pension.
- End of the option to contract out of the additional State Pension.
Modifications to this were made in the Pensions Act 2008.
