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12/02/2004
Greater protection promised for employees through Pensions Bill
A new fund to make sure workers get the pension they were promised has been unveiled in the Pensions Bill published today.
Among the package of measures, the Pension Protection Fund will, it is hoped, make pensions more secure and simpler to understand. People will also have the option of taking a lump sum if they want to draw their state pension later.
The retirement age will remain 65 but people will be free to keep working if they wish to do so, the government said.
Also proposed is a new Pensions Regulator that will focus on under-funding, fraud and mal-administration of pensions. Through the regulator, employers will find it easier to provide pensions and regulations surrounding the administration of pension funds will be simplified, the government said.
The Bill will ensure that trustees notify members of their investment principles and know about the issues they are dealing with.
Work and Pensions Secretary Andrew Smith said the steps would ensure that people in final salary schemes would "never have their pension cut just before they retire". Pensions will also be protected when changing employers, he said.
An online retirement planner has also been proposed to promote financial planning for retirement.
(gmcg)
Among the package of measures, the Pension Protection Fund will, it is hoped, make pensions more secure and simpler to understand. People will also have the option of taking a lump sum if they want to draw their state pension later.
The retirement age will remain 65 but people will be free to keep working if they wish to do so, the government said.
Also proposed is a new Pensions Regulator that will focus on under-funding, fraud and mal-administration of pensions. Through the regulator, employers will find it easier to provide pensions and regulations surrounding the administration of pension funds will be simplified, the government said.
The Bill will ensure that trustees notify members of their investment principles and know about the issues they are dealing with.
Work and Pensions Secretary Andrew Smith said the steps would ensure that people in final salary schemes would "never have their pension cut just before they retire". Pensions will also be protected when changing employers, he said.
An online retirement planner has also been proposed to promote financial planning for retirement.
(gmcg)
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25 January 2010
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Employees should be offered greater flexibility if they decide to work past retirement age, a Equality Commission reports has said. Under a raft of proposals, the Commission called for the abolition of the default retirement age.
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07 September 2004
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
13 January 2011
'End Of The Line' On Retirement Age
The Government has today confirmed that it will remove the Default Retirement Age (DRA) so that people have more choice when to stop working. As well as benefiting individuals, the freedom to work for longer will provide a boost to the UK economy.
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25 May 2006
Retirement age to rise to 68
The state pension age is to rise to 68, under new pension proposals announced by the government today. The government's White Paper on pensions reform said that the state pension age will be increased gradually, rising to 66 between 2024 and 2026, then 67 between 2034 and 2036 and finally 68 between 2044 and 2046.
Retirement age to rise to 68
The state pension age is to rise to 68, under new pension proposals announced by the government today. The government's White Paper on pensions reform said that the state pension age will be increased gradually, rising to 66 between 2024 and 2026, then 67 between 2034 and 2036 and finally 68 between 2044 and 2046.
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Northern Ireland WeatherToday:A dry day with long spells of sunshine for most, however eastern coasts will see rather more in the way of cloud at times, with just the risk of an odd light morning shower. Mainly light northerly winds. Maximum temperature 13 °C.Tonight:A fine end to the day with some evening sunshine. It remains dry overnight with a touch of frost possible in places, although cloud is expected to increase towards dawn. Minimum temperature 0 °C.
