From April 2011, measures to restrict tax relief on pension saving will apply.
Existing age discrimination legislation (effective since 2006) for pension schemes will be replaced by new Equality Act.
The Pensions Act 2007 confirmed major reforms to state retirement provision, including a gradual increase in state pension age to 68 over 2024–2046. There is consultation on speeding this up.
A new requirement to auto-enroll eligible employees and pay minimum contributions is expected from 2012.
Mandatory increases to DB pensions and increases to DBs after an employee leaves the scheme to be derived from Consumer Prices Index instead of Retail Prices Index.
Medical, Disability and Death Benefits Environment
NHS has been under pressure for many years due to a shortage of funds. This is being redressed with the government’s allocation of significant additional funding already pledged through 2010.
Welfare Reform Act 2007. Reform of incapacity benefits from autumn 2008. Both amount of benefit and assessment methodology for entitlement to benefit will change. Current opinion is that state benefits will be smaller and harder to obtain. More focus on rehabilitation and on work-related activities that individuals can undertake.
