Pensions Bill
This paper has been prepared for Second Reading of the Pensions Bill on 17 June 2013
The main elements of the Bill, which covers England, Wales and Scotland, are to:
• Introduce a single-tier State Pension for future pensioners from 6 April 2016, combining the existing two tiers – the basic State Pension and State Second Pension;
• Bring forward the increase in the State Pension age from 66 to 67 to between 2026 and 2028, compared to between 2034 and 2036 in existing legislation; and, for the future, establish periodic reviews of the pension age in the light of changes in life expectancy and other relevant factors;
• Introduce a new Bereavement Support Payment to replace the existing system of bereavement benefits;
• Introduce reforms to the framework in which private pensions operate, including a new objective for the Pensions Regulator and a system of automatic transfers of small pension pots so that an individual’s pension would follow them when they change jobs.