Pensions Bill

AIM

A Bill will be introduced providing for long-term reform of pensions Extract from the Queen's speech

The Bill takes forward the Government's White Paper published in May 2006.

The White Paper built on the recommendations from Lord Turner's Pension Commission.

MAIN PROVISIONS

TIMETABLE Responsible department: Work and Pensions Origin: Commons Terroritorial Extent: United Kingdom

Link the uprating of the basic state pension to earnings during the next Parliament

Raise the state pension age to 66 between 2024-2026, to 67 between 2034-2036, and to 68 between 2044-2046

Reduce the number of years it takes to build a full basic state pension from 44 years for men and 39 for women to 30 years for everyone

Create a new delivery authority to "bring on board the expertise needed to design a personal accounts system"