We summarised the key clauses of the Pensions Bill in our e-bulletin earlier this month here. By way of reminder, the key clauses are as follows:
- Auto-enrolment: implementing the recommendations of the DWP Review;
- Confirming the acceleration of the increase in State Pension Age to age 66 (and the equalisation of the State Pension Age for men and women);
- RPI/CPI: implementing the Government’s proposals to switch to using the Consumer Prices Index for the purposes of revaluing pensions in deferment and increasing pensions in payment; and
- Section 251 of the Pensions Act 2004: extending the transitional period for trustees to pass resolutions/issue member notices to preserve scheme powers to refund surplus to sponsoring employers.