State Pension
security matters (EU Directive 79/7) and schemes (EU Directive 86/378).
The Pensions Act 2014 brought in further changes to SPA in order to delay SPA to ages 67 and 68. See following table. COPYRIGHT © 2021 THE CHARTERED INSTITUTE OF PAYROLL PROFESSIONALS State pension age By 6th December 2018 State pension age increasing to 65 for women From 6th December 2018 - 6th October 2020 6th April 2026 – 6th April 2028 (in Pension Act 2013) State pension age increasing to 66 State pension age increasing to 67 6th April 2044 – 6th April 2046 State pension age increasing to 68 These dates are subject to frequent revision, the latest one proposes that the increase of SPA to 68 should now occur between 6th April 2037 and 6th April 2039. As at the date of publication no further definitive information was available. State pension forecast The Department for Work and Pensions (DWP) will, on application, provide a state retirement pension forecast in one of two formats, provided the applicant is more than four months away from state pension retirement age. Application can be made by completion of form BR19. • Combined Pension Forecast (CPF) - A forecast of an individual’s State Pension and information in respect of their occupational or private pension issued by their employer or pension provider. • Automatic State Pension Forecast (APF) - issued from May 2003, at regular intervals, to all of working age who do not have access to a CPF through their employer or pension provider. No printing, copying or reproduction permitted. A forecast statement will provide the following details. Basic Pension: • the amount already earned at today’s values: • the amount to expect on earnings to date and earnings which might be earned to the date of retirement • It will advise if there is any way in which the Basic Pension entitlement might be improved. Additional Pension: an additional element, which may comprise: • An additional element which may comprise • State Earnings Related Pension (SERPS) - dependent upon earnings since 1978 • State Second Pension - which replaced SERPS in April 2002
365
Made with FlippingBook - Online magazine maker