The Pensions Act 2008 ("the Act") received Royal
Assent on 26 November 2008. The Act marks the next step on the
route to the introduction of personal accounts; but makes a number
of other significant changes to previous legislation, including the
extension of the powers of the Pensions Regulator. We take a look
at its key provisions:
Personal Accounts
The Government's May 2006 White Paper, Security in
Retirement; towards a new Pension system, proposed a new structure
for the long-term future of UK pension provision. Of most note was
the introduction of the Personal Accounts system; billed as a
nationwide low-cost automatic enrolment pension system for all,
which would for the first time require employers to contribute to
their employees' pension provisions. The Pensions Act 2007
established the Personal Accounts Delivery Authority (PADA), the
independent authority responsible for delivering Personal Accounts.
The Act now introduces the key requirements for the
