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Pensions Timeline

6 AprilState Pension Age: Completion of increase to age 68.
DecemberState Pension Age: Gradual raising of state pension age from 65 to 68 begins.
NovemberState Pension Age: Completion of raising the female SPA to equal the male age of 65.
 The link between state pensions and earnings to be re-established.
 Significant increase to PPF administration levy expected.
6 AprilIntroduction of NEST with auto-enrolment to be phased in over next five years.
 Government confirms DC contracting-out to be abolished from this date. more
 Lifetime Allowance to be set at £1.5mn with trivial commutation limit to stay at £18,000 more
Watch out for
 More amendments to the employer debt regs (expected in December). more
 Government to address differences between occupational and workplace personal pension schemes. more
 Government's response to Green Paper on state pension reform
 
29 NovemberIn his Autumn Statement, the Chancellor announces that SPA increase to age 67 will occur eight years earlier than expected, between 2026 and 2028. Also, the Government will legislate to prevent employers obtaining excessive relief under new asset-backed pension contributions.
3 NovemberPensions Act 2011 receives Royal Assent. more
1 NovemberDB trustees required to formally identify the scheme's statutory employer in the scheme return. more
25 OctoberTPR publishes statement to help trustees and advisers understand the structure of their hybrid scheme. more
13 OctoberTPR publishes statement to clarify the role of DC trustees. more
1 OctoberCompletion of the abolition of default retirement age. more
21 SeptemberLarge number of amendments to the RPSM. more
 PPF announces lowest ever pension protection levy. more
11 AugustVarious regs in force, providing details of the radical tax changes made by the Finance Act 2011. more
 The 'scheme pays' facility begins. more
28 JulyTPR issues statement to help defined benefit scheme trustees identify the statutory employer. more
19 JulyFinance Act 2011 receives Royal Assent.
16 JuneTPR issues £60,000 contribution notice in the Bonas case, a significant reduction on the £20mn originally sought.
24 MayDWP publishes consultation response and guidance for offering the default option more
16 MayPPF confirms radical changes to its levy policy more
6 AprilEnd of five year transitional period during which the Modification Regulations apply.
 Annual Allowance to be set at £50,000. more
 Phasing out of the default retirement age begins. more
 Government green paper on state pension reform. more
 HM Treasury closes loophole to prevent tax avoidance through the interaction of pension relief and the provisions of certain double taxation arrangements. more
31 MarchBAS publish an Exposure Draft of proposed new TM1. more
10 DecemberHigh Court rules in favour of TPR in case against Nortel and Lehman Brothers. more
8 DecemberGovernment announces no intention to issue a statutory override relating to implementation of CPI benefit uprating changes. more
1 DecemberThe long-awaited Occupational, Personal and Stakeholder Pension Schemes (Disclosure of Information) (Amendment) Regulations 2010 laid. more
14 OctoberGovernment announces lower Annual & Lifetime Allowances as alternative to HIER charge which is abolished. more
1 OctoberMuch of Equality Act 2010 in force more
29 JulyGovernment announces phased demise of the Default Retirement Age more
13 JulyTPR updates guidance on transfer incentives.
8 JulyGovernment statement offers further details on move to uprating via CPI rather than RPI more
1 JulyHMRC guidance on new age 75 rules more
29 JuneTPR issues its first contribution notice: £5mn in relation to the Bonas Group Pension Scheme.
22 JuneIn an Emergency Budget speech, the Chancellor announces that high income excess relief charge is to be scrapped; the age for compulsory annuitisation to increase from 75 to 77; CPI will be the basis for uprating many benefits and public sector pensions; and earnings link to the BSP to be restored from April 2011 more
15 JuneTPR statement on understanding employer support more
2 JuneTPR issues revised guidance on record-keeping and winding-up. more
1 JuneFRC issues a new code on UK Corporate Governance.
12 MayText of the new Coalition Agreement released heralding future changes to pensions. more
9 MayTPR statement on "Understanding employer support in DB schemes". more
8 AprilEquality Act 2010 receives Royal Assent.
6 AprilMinimum retirement age increases from 50 to 55. more
 Gradual raising of the female state pension age from 60 to 65 begins. (From 04/2010, female SPA effectively increases by 1 month for every 2 months that pass.)
 Home Responsibilities Protection replaced. more
 Number of qualifying years required by both men and women for full Basic State Pension decreases to 30. more
 Working-age widowers (finally) achieve parity of entitlement with widows to inherited SERPS and S2P.
 New rules on paternity pay and leave. more
19 MarchHMRC announces new proposals to handle the application of the Scheme Sanction Charge. more
7 JanuaryPersonal accounts to be branded as: National Employment Savings Trust (NEST). more
10 DecemberTPR calls for greater scrutiny of transfer incentive exercises.
9 DecemberGovernment announces changes to Special Annual Allowance. more
8 DecemberTPR's revised Code of Practice No. 7 TKU in effect.
1 DecemberNew rules on trivial commutation in force. more
29 OctoberPPF announces its own solution to equalising GMP benefits. more
1 OctoberReplacement of The Pension Service website by Directgov. more
29 JuneTPR Code of Practice No. 12 Material Detriment Test in effect. more
23 JuneTPR emphasises prudent funding levels for pension schemes.
1 JuneRegistered Pension Schemes (Authorised Payments) Regs come into force. more
22 AprilChancellor announces higher rate pension tax relief to be reduced from April 2011 (plus immediate measures to prevent forestalling). more
 Government reaffirms the basic state pension will continue to be increased by at least 2.5%. more
6 AprilSchemes may opt for 2.5% cap on revaluation of deferred pensions (post-6th April 09 accrual). Contracting-out rebates to be based on Upper Accrual Point. more
5 AprilDeadline passes to elect for enhanced or primary protection.
4 AprilThe Pensions Act 2007 (Commencement No.3) Order 2009 (SI 2009/406) laid. more
9 JanuaryTPR issues final guidance on record-keeping and amends guidance on clearance and abandonment. more
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