Pensions Act 2008

The Bill is the second part of the package of reforms to the UK pensions system set out in the May 2006 Pensions White Paper, Security in retirement: towards a new pension system. The first part of the reforms, taken forward by Pensions Act 2007, included reform of the state pension.

Key areas

• Proposes a duty on employers to automatically enrol jobholders into, and to contribute to, a qualifying workplace pension scheme
• Introduces the concept of personal accounts which are described as a 'simple, low-cost pension saving scheme' aimed at moderate to low earners who currently do not have access to a workplace pension scheme. This would be overseen by a Personal Accounts Delivery Authority
• Sets out a compliance regime for the new duties on employers.

Other measures relate to: the revaluation of deferred pensions, the additional state pension, pension credit, pension sharing on divorce or dissolution of civil partnership, the Pension Protection Fund and the Pensions Regulator.