A Sustainable State Pension When The State Pension Age Will Increase To 66

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A Sustainable State Pension When the State Pension Age Will Increase to 66

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Author by : Great Britain. Department for Work and Pensions
Languange Used : English, France, Spanish, Italia and chinese
Page : 76
Isbn : 9780101795623
Identifier : 0101795629
Release : 2010
Publisher by : The Stationery Office
Category : Law
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Description : Read Now A Sustainable State Pension by Great Britain. Department for Work and Pensions and you can download with pub, pdf, txt, doc, and more file format with free account. this paper outlines the government's new plans for the timing of the increase in state pension age to 66. the pensions act 2007 legislated for the state pension age to increase for both men and women to 66 by 2026, to 67 by 2036, and to 68 by 2046. but subsequent gains in average life expectancy have outpaced the projections on which that timetable was based. official projections for life expectancy for those reaching 65 in 2026 have increased by 1.5 years for men and 1.6 years for women. the cost implications for maintaining the state pension are serious. the increased life expectancy means that, just for those reaching state pension age this year, the costs would increase by £6.5 billion over the lifetime of that cohort. women's state pension age is currently rising from 60 to be equalised with men's at 65 by 2020. to enable an increase to 66, this timetable will be adjusted so that equalisation is reached in november 2018. the increase to 66 will then occur between december 2018 and april 2020 for both men and women. the increase will be phased in at a rate of three months' increase in state pension age every four months. this means that 4.9 million people will have their state pension age revised, of which 4.4 million will have an increase of a year or less. it will result in £30.4 billion of savings between 2016/17 and 2025/26, which would otherwise have to be met by the working-age population.

State Pension Age Review

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Author by : Great Britain: Department for Work and Pensions
Languange Used : English, France, Spanish, Italia and chinese
Page : 34
Isbn : 9781474143875
Identifier : 1474143873
Release : 2017-07-19
Publisher by : no defined
Category : Old age pensions
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Description : Read Now State Pension Age Review by Great Britain: Department for Work and Pensions and you can download with pub, pdf, txt, doc, and more file format with free account. dated july 2017. print and web pdfs available at https://www.gov.uk/government/publications web isbn=9781474143882

The Single-tier Pension A Simple Foundation for Saving

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Author by : Great Britain: Department for Work and Pensions
Languange Used : English, France, Spanish, Italia and chinese
Page : 107
Isbn : 9780101852821
Identifier : 0101852827
Release : 2013-01-14
Publisher by : The Stationery Office
Category : Business & Economics
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Description : Read Now The Single Tier Pension by Great Britain: Department for Work and Pensions and you can download with pub, pdf, txt, doc, and more file format with free account. this paper outlines the government's detailed proposition for state pension reform. it follows a consultation on the proposals set out in "a state pension of the 21st century" (2011, cm. 8053, isbn 9780101805322). there was consensus that the state pension system needed to be simplified and the aim is to merge the state second pension with the basic state pension, to create one flat-rate payment. the new flat-rate state pension will start in april 2017 at the earliest. the weekly payment will be £144, plus inflation rises between now and 2017. chapters in this paper cover: the context for reform; the single-tier pension; managing the end of contracting-out; the transition to the single-tier pension; sustainability and assumptions; longer-term sustainability - state pension age. annexes provide: a brief history of the state pension; faster flat rating - assessment against principles for reform; features of the single-tier pension and specific transitional arrangements; an example pension statement; proposed timetable for implementing the increase in state pension age to 67.

Pensions Act 2011 Chapter 19, explanatory notes

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Author by : Great Britain
Languange Used : English, France, Spanish, Italia and chinese
Page : 28
Isbn : 9780105619116
Identifier : 0105619116
Release : 2011-11-08
Publisher by : The Stationery Office
Category : Social Science
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Description : Read Now Pensions Act 2011 by Great Britain and you can download with pub, pdf, txt, doc, and more file format with free account. the pensions act 2011 amends the timetable for increasing the state pension age to 66. under the pensions act (pa) 2007, the increase to 66 was due to take effect between 2024 and 2026. this act will bring forward the increase so that state pension age for both men and women will begin rising from 65 in december 2018 to reach 66 by october 2020. as a result of bringing forward the increase to 66, the timetable contained in the pa 1995 for equalising women's state pension age with men's at 65 by april 2020 will be accelerated, so that women's state pension age reaches 65 by november 2018. the act introduces amendments to primary legislation to amend the regulatory framework for the duty on employers to automatically enrol eligible workers into a qualifying pension scheme and to contribute to the scheme. these measures implement recommendations from the making automatic enrolment work review (cm. 7954, isbn 9780101795425). the act amends existing legislation that provides for revaluation or indexation of occupational pensions and payments by the pension protection fund. this act also contains a number of measures to correct particular references in the existing body of pensions-related legislation and other small and technical measures to both state and private pension legislation. the act is in six parts. the amendments made by the act generally extend to england and wales and to scotland.

The Single-tier Pension A Simple Foundation for Saving

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Author by : Great Britain: Department for Work and Pensions
Languange Used : English, France, Spanish, Italia and chinese
Page : 107
Isbn : 9780101852821
Identifier : 0101852827
Release : 2013-01-14
Publisher by : The Stationery Office
Category : Business & Economics
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Description : Read Now The Single Tier Pension by Great Britain: Department for Work and Pensions and you can download with pub, pdf, txt, doc, and more file format with free account. this paper outlines the government's detailed proposition for state pension reform. it follows a consultation on the proposals set out in "a state pension of the 21st century" (2011, cm. 8053, isbn 9780101805322). there was consensus that the state pension system needed to be simplified and the aim is to merge the state second pension with the basic state pension, to create one flat-rate payment. the new flat-rate state pension will start in april 2017 at the earliest. the weekly payment will be £144, plus inflation rises between now and 2017. chapters in this paper cover: the context for reform; the single-tier pension; managing the end of contracting-out; the transition to the single-tier pension; sustainability and assumptions; longer-term sustainability - state pension age. annexes provide: a brief history of the state pension; faster flat rating - assessment against principles for reform; features of the single-tier pension and specific transitional arrangements; an example pension statement; proposed timetable for implementing the increase in state pension age to 67.

Pensions in the Public Sector

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Author by : Wharton School. Pension Research Council
Languange Used : English, France, Spanish, Italia and chinese
Page : 393
Isbn : 9780812235784
Identifier : 0812235789
Release : 2001
Publisher by : University of Pennsylvania Press
Category : Business & Economics
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Description : Read Now Pensions In The Public Sector by Wharton School. Pension Research Council and you can download with pub, pdf, txt, doc, and more file format with free account. some 13 million public-sector workers in the united states--including teachers, police and firefighters, state and municipal employees, judges, and legislators--and another six million federal and military employees participate in government pension plans. these pension systems are extraordinarily diverse in design, investment policy, and governance, and they face substantial challenges as the government-sector workforce ages and governments are asked to take on new and different tasks. public employee pensions are in deep trouble in many countries, undermining economic policy and threatening retiree well being. what can be done to help these programs perform more efficiently and enhance old-age security? from the pension research council of the wharton school, this volume takes stock of public pension developments in the us and canada, highlighting challenges these financial institutions face in coming decades. the first pension research council study of public pensions in a quarter of a century tackles these topics with an impressive team of international actuarial, legal, and economic experts.

Ageing Populations in Post-Industrial Democracies Comparative Studies of Policies and Politics

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Author by : Pieter Vanhuysse
Languange Used : English, France, Spanish, Italia and chinese
Page : 296
Isbn : 1136598766
Identifier : 9781136598760
Release : 2013-06-17
Publisher by : Routledge
Category : Political Science
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Description : Read Now Ageing Populations In Post Industrial Democracies by Pieter Vanhuysse and you can download with pub, pdf, txt, doc, and more file format with free account. most advanced democracies are currently experiencing accelerated population ageing, which fundamentally changes not just their demographic composition; it can also be expected to have far-reaching political and policy consequences. this volume brings together an expert set of scholars from europe and north america to investigate generational politics and public policies within an approach explicitly focusing on comparative political science. this theoretically unified text examines changing electoral policy demands due to demographic ageing, and features analysis of usa, uk, japan, germany, italy and all major eu countries. as the first sustained political science analysis of population ageing, this monograph examines both sides of the debate. it examines the actions of the state against the interests of a growing elderly voting bloc to safeguard fiscal viability, and looks at highly-topical responses such as pension cuts and increasing retirement age. it also examines the rise of ‘grey parties’, and asks what, if anything, makes such pensioner parties persist over time, in the first ever analysis of the emergence of pensioner parties in europe. ageing populations in post-industrial democracies will be of interest to students and scholars of european politics, and to those studying electoral and social policy reform. official publication date 1st january 2012.

Draft Pensions Bill

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Author by : Great Britain: Department for Work and Pensions
Languange Used : English, France, Spanish, Italia and chinese
Page : 116
Isbn : 9780101852920
Identifier : 0101852924
Release : 2013-01-18
Publisher by : The Stationery Office
Category : Business & Economics
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Description : Read Now Draft Pensions Bill by Great Britain: Department for Work and Pensions and you can download with pub, pdf, txt, doc, and more file format with free account. this draft pensions bill contains provisions to introduce a single-tier pension which will for future pensioners replace the current two component state pension (basic state pension and additional state pension) with a single component flat-rate pension that is set above the basic level of means tested support. previously the government set out details of its proposals in cm. 8528 the single-tier pension: a simple foundation for saving (isbn 9780101852821) and cm. 8053 a state pension of the 21st century (isbn 9780101805322). these reforms will also modernise the state pension system to reflect the lives and contributions of today's working age people whilst ensuring the system is sustainable for future generations. as life expectancy continues to rise the government believes there is a need for a more structured framework within which to consider changes to the state pension age in the future which this draft legislation includes. the draft bill also includes measures to reform the current suite of bereavement benefits through the introduction of bereavement support payment which will support people through the difficult early months in a more transparent way. the draft bill contains a number of provisions relating to private pensions mostly to clarify existing legislation relating to automatic enrolment or the pensions regulator. there is a new provision to encourage individuals to transfer a cash equivalent value of their accrued rights from a defined benefit scheme to an alternative arrangement. there are explanatory notes included which provide an outline of the effect of each clause in the draft bill and are intended to be read alongside the draft bill.

Pension Systems in East and Southeast Asia Promoting Fairness and Sustainability

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Author by : Donghyun Park
Languange Used : English, France, Spanish, Italia and chinese
Page : 162
Isbn : 9290927615
Identifier : 9789290927617
Release : 2012-08-01
Publisher by : Asian Development Bank
Category : Law
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Description : Read Now Pension Systems In East And Southeast Asia by Donghyun Park and you can download with pub, pdf, txt, doc, and more file format with free account. population aging poses two major challenges for asian policy makers: (i) sustaining rapid economic growth in the face of less favorable demographic conditions; and (ii) providing affordable, adequate, sustainable old-age income support for a large and growing elderly population. this book explores the second issue by examining the pension systems of eight countries in east and southeast asia: the people's republic of china, indonesia, the republic of korea, malaysia, the philippines, singapore, thailand, and viet nam. it also puts forward both country-specific and region-wide reforms to address two critical areas of pension reform, namely, fairness and sustainability.

Pensions at a Glance 2017 OECD and G20 Indicators

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Author by : Collectif
Languange Used : English, France, Spanish, Italia and chinese
Page : 233
Isbn : 9264287515
Identifier : 9789264287518
Release : 2017-12-06
Publisher by : OECD
Category : Political Science
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Description : Read Now Pensions At A Glance 2017 by Collectif and you can download with pub, pdf, txt, doc, and more file format with free account. the 2017 edition of pensions at a glance highlights the pension reforms undertaken by oecd countries over the last two years. moreover, one special chapter focuses on flexible retirement options in oecd countries and discusses people’s preferences regarding flexible retirement, the actual use of these programs and the impact on benefit levels. this edition also updates information on the key features of pension provision in oecd countries and provides projections of retirement income for today’s workers. it offers indicators covering the design of pension systems, pension entitlements, the demographic and economic context in which pension systems operate, incomes and poverty of older people, the finances of retirement-income systems and private pensions.

Government interventions to support retirement incomes Department for Work and Pensions and HM Treasury

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Author by : Great Britain: National Audit Office
Languange Used : English, France, Spanish, Italia and chinese
Page : 50
Isbn : 9780102983791
Identifier : 0102983798
Release : 2013-07-12
Publisher by : Stationery Office
Category : Social Science
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Description : Read Now Government Interventions To Support Retirement Incomes by Great Britain: National Audit Office and you can download with pub, pdf, txt, doc, and more file format with free account. government measures to reduce the liability of the state for supporting people in their retirement are being managed separately, without adequate consideration of their combined impact on the overall objective of increasing retirement incomes. there is no overarching programme or single accountability for encouraging people to save for retirement. the treasury leads on overall savings strategy, and dwp on workplace saving but, without a whole system view there is a risk that individual, but co-dependent interventions may not be effective in increasing saving for retirement. spending on the state pension and pensioner benefits increased from 5.5 per cent of gdp in 1990 to 6.9 per cent in 2011-12, in part because of the growing pensioner population, but also because of increased spending per capita on pensioner benefits. the government expects to reduce the potential long-term spending liability by increasing the future state pension age, introducing automatic enrolment into workplace pensions and changing the state pension. however the existing initiatives to manage this problem face challenges. government does not have a formal published strategy to influence employers. the success of encouraging saving for retirement through automatic enrolment into a pension also depends on the responses of individuals, pension providers and employers - in particular on the proportion of employees who remain with the schemes. the value of the uk state pension, as a proportion of pre-retirement earnings, has historically been low compared to other developed countries, and projections for future spending on state pensions and pensioner benefits may prove too optimistic

Author by : Great Britain. HM Treasury
Languange Used : English, France, Spanish, Italia and chinese
Page : 102
Isbn : 9780102971033
Identifier : 010297103X
Release : 2011-03-01
Publisher by : The Stationery Office
Category : Law
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Description : Read Now Budget 2011 by Great Britain. HM Treasury and you can download with pub, pdf, txt, doc, and more file format with free account. budget 2011 sets out the action the government will take in three areas: maintaining a strong and stable economy; encouraging growth; and delivering fairness. chapter 1 outlines how the measures in the budget advance the government's long-term goals. chapter 2 provides a brief description of all budget policy decisions. the decisions have a neutral impact on the public finances, implementing fiscal consolidation as planned. growth is forecast to be 1.7 per cent in 2011, but the outlook for the public finances is broadly unchanged. measures are outlined on: personal tax; corporate taxes; tax measures affecting charities; indirect taxes (tobacco, alcohol, fuel and gambling duties, other transport taxes, landfill, vat); tax reliefs; anti-avoidance; tax administration and banking. action to promote growth include (a) creating the most competitive tax system in g20, with reductions in corporation tax, simplification of the tax system, and consultation on integrating the operation of income tax and national insurance; (b) measures to facilitate and support the starting up of businesses - removal of regulatory burdens, implementing lord young's proposals on health and safety, expansion of investment schemes and other financial support, streamlining the planning system, investing in science capital development; (c) encouraging investment and exports through establishing 21 new enterprise zones, extra funding for new rail projects and pothole repair; (d) creation of a more educated, flexible workforce, with additional work experience places and apprenticeships. fairness is addressed through various tax and pension changes. appendix a examines the impact on households. a number of supporting documents are published alongside the budget.