Two major Acts have appeared on the statute books since our last Monthly Update. The Finance Act 2007 received Royal Assent on 19 July 2007. The full Act can be viewed at http://www.opsi.gov.uk/acts/acts2007/ukpga_20070011_en.pdf . The Act contains various pensions-related provisions, including the abolition of contributions relief for life assurance premium contributions, amended provisions relating to alternatively secured pensions (ASPs), and it makes various miscellaneous amendments to Finance Act 2004, eg relating to the reduction of ill-health pensions, and the periods for payment of pension commencement lump sums and lump sum death benefits.
The Pensions Act 2007 received Royal Assent on 26 July 2007. The full Act can be viewed at http://www.opsi.gov.uk/acts/acts2007/ukpga_20070022_en.pdf . The Act lays the foundations for the new pensions settlement being introduced by the Government. As well as providing a boost for women and carers, the Act re-links the Basic State Pension with earnings from 2012 or by the end of the next Parliament, and provides for a simpler flat rate state second pension. The number of years’ contributions required to achieve a full basic state pension will be reduced to 30 for women and men from April 2010. The Act will also gradually increase state pension age to 68 by 2046 for men and women.