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UK pensions market to alter significantly after reforms

Industry Sector

Finance and Banking

Published

15 January 2013

Author

Matt Bodimeade

Type of News

Market

The UK pensions market has witnessed a positive year on year growth rate of 8.4% in the individual pensions market and 5.2% in the group pensions market, suggesting that growth is possible despite negative attitudes towards pensions holding.

Pensions in the United Kingdom fall into seven major divisions; Basic State Pension, State Second Pension (S2P), Occupational Pensions, Stakeholder Pensions, Group Personal Pensions and Personal or Individual Pensions. Personal accounts, automatic enrolment and the minimum employer contribution will be new policies joining these from 2012

The state provides basic pension provision intended to prevent poverty in old age. Until 2010 men over the age of 65 and women over the age of 60 were entitled to claim state pension; from April 2010 the age for women is gradually being harmonised to match that for men.

The UK pensions market will alter significantly post 2012 as new pensions reforms are implemented

On Monday, a new flat-rate state pension likely to start in April 2017 was outlined by the government. The weekly payment will be £144, plus inflation rises between now and 2017.

The current full state pension is £107.45 a week, but can be topped up to £142.70 with pension credit, and by the state second pension. But people will have to work longer, making 35 years worth of National Insurance (NI) contributions, rather than the current 30.

Under established plans, the state pension age is rising in any case to 66 for both men and women by 2020, with further plans for this to increase to 67 between 2026 and 2028.

The state pension is expected to continue rising, as now, in line with earnings, prices, or 2.5%, whichever is higher.

For more information on the UK pensions market, see the latest research: UK Pensions Market

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