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Pension Law Reform (1993) Cm 2342, also known as the Goode Report after its leading author, Roy Goode, was a UK government commissioned inquiry into the state of pensions in the United Kingdom, which ultimately led to a set of statutory reforms in the Pensions Act 1995.
The MFR was heavily criticised in the Myners Report (2001), [1] which was a HM Treasury sponsored report into institutional investment in the UK. The Myners Report identified three problems with the MFR: For some pension funds, the level of assets under the MFR was insufficient to provide the benefits promised by the scheme
The Employees' Pension Scheme (EPS) has been controlled by the EPFO since 1995. The main advantage of this scheme is to provide social security to PF members. Under this scheme, employees working in the organised sector can gain pension benefit after reaching age 58. This EPS applies to new and existing members.
The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005 [1] and has wider powers and a new proactive and risk-based approach to regulation.
This is referred to as automatic enrolment, and moves a significant amount of responsibility onto the employer to ensure that their employees are enrolled in a workplace pension scheme. [12] Research based on ONS labour market data has found that partly due to the equalisation of the state pension age, women are driving employment growth in the ...
Part IV in sections 69 to 101 sets out minimum protection for early leavers from their jobs before an entitlement to an occupational pension arises. Part V in sections 102 to 110 requires that pension schemes contain annual increases in line with prices, though sections 102 to 108 were soon replaced by the Pensions Act 1995 .
The Pensions Advisory Service (TPAS) was a British government body that provided free information, advice and guidance on state, company and individual pension schemes. Additionally they helped any member of the public who had a problem, complaint or dispute with their occupational or private pension arrangement.
Pension tax simplification, sometimes referred to as pension simplification was a British overhaul in 2006 of taxation rules for United Kingdom pension schemes.The aim was to reduce the complicated patchwork of legislation built-up by successive administrations which were seen as acting as a barrier to the public when considering retirement planning.