Pensions Bill

The main elements of the Bill, which covers England, Wales and Scotland, are to:

• Introduce a single-tier State Pension for future pensioners from 6 April 2016, combining the existing two tiers – the basic State Pension and State Second Pension;

• Bring forward the increase in the State Pension age from 66 to 67 to between 2026 and 2028, compared to between 2034 and 2036 in existing legislation; and, for the future, establish periodic reviews of the pension age in the light of changes in life expectancy and other relevant factors;

• Introduce a new Bereavement Support Payment to replace the existing system of bereavement benefits;

• Introduce reforms to the framework in which private pensions operate, including a new objective for the Pensions Regulator and a system of automatic transfers of small pension pots so that an individual’s pension would follow them when they change jobs.