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1670's
First organised pension scheme for Royal Navy Officers
1908
Old Age Pensions Act - introduced first general old age pension
paying a non-contributory amount of between 10p and 25p a week,
from age 70, on a means-tested basis from January 1 1909 - "Pensions
Day". This was introduced during the Liberal government of
David Lloyd-George. Sir William Beveridge, father of the welfare
state, was an adviser.
1921
Finance Act - tax relief granted to pension schemes satisfying certain
conditions.
1925
Contributory Pensions Act - set up a contributory State scheme for
manual workers and others earning up to £250 a year. The pension
was 50p a week from age 65.
1942
Sir William Beveridge publishes his "Social Insurance and Allied
Services" report with state welfare proposals.
1946
National Insurance Act - introduced contributory State pension for
all. Initially pensions were £1.30 a week for a single person
and £2.10 for a married couple. Paid from age 65 for men and
60 for women, effective from 1948.
1947
Finance Act - limited the maximum amount of tax relief on pensions,
and the proportion that could be taken as a lump sum.
1959
National Insurance Act - introduced a top-up state pensions scheme,
based on earnings and known as the graduated pension. Covered earnings
between £9 and £15 a week.
1975
Social Security Pensions Act - set up the State Earnings related
Pension Scheme (Serps). Introduced in 1978, the scheme replaced
graduated pensions. Rules for contracting out were also introduced,
whereby workers with adequate private provision can give up all
or part of the benefits of Serps. In return they pay lower National
Insurance contributions.
1980
Social Security Act - Link between state pension increases and average
earnings broken by Margaret Thatcher's Conservative government.
If the link with earnings had not been broken, a basic state pension
for a single pensioner would worth about £30 a week more.
1986
Financial Services Act - set out terms and conditions under which
investment business could be conducted. Changes to contracting out.
1991/2
Maxwell scandal. Mirror newspaper proprietor Robert Maxwell had
used about £460m from his group's pension funds to finance
business dealings.
1995
Pensions Act - response to Maxwell, which set up regulatory and
compensation schemes.
1997
Removed tax credits for pension funds on company dividends.
1999
Introduction of Minimum Income Guarantee (Mig), income support for
poorest pensioners.
2001
Introduction of stakeholder pensions, a low-cost pensions scheme
aimed at people on low to average earnings and helping women save
for old age.
2002
British pensioner Annette Carson, who lives in South Africa, failed
in her legal challenge against the UK government to have her pension
uprated with inflation. The case has implications for thousands
of British ex-pat pensioners worldwide.
2002
Switch from Serps to the State Second Pension scheme.
2003
Introduction of the Pension Credit, which will bring half a million
pensioners into means-testing.
Based
on information from the National Association of Pension Funds (NAPF).
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