Pensions

Key dates

July 2008
Item Date (if Known) Definite or Expected?
Pensions Bill goes into committee stage in the Lords Late June / early July Definite
Accounting Standards Board’s consultation on the Financial reporting of Pensions closes 14 July Definite
Personal Accounts Delivery Authority’s ‘Prior Information Notice’ consultation closes 14 July Definite
Personal Accounts Delivery Authority summarises the  responses to the personal accounts charges consultation  15 July Definite
DWP consultation on Pension sharing and pension credit benefit closes 21 July Definite
Parliament goes into recess 22 July Definite
Pension Protection Fund’s consultation on Trustees’ Guide for assessment closes 25 July Definite
Pension Protection Fund consultation on equalisation of GMP benefits closes 28 July Definite
Treasury publishes its final report on age discrimination in financial services 31 July Definite
Conclusions of FSA thematic review into retirement transfer times and providers’ open market option communication published  Mid July Expected
DWP research into consumer information needs at retirement published Mid July Expected
FSA feedback on the Simplifying Disclosure Information about services and costs consultation July Expected
DWP responds to the consultation on flexible retirement (age discrimination and pensions) June Expected
August 2008
Item Date (if Known) Definite or Expected?
DWP consultation closes on pension risk-sharing 28 August Definite
FSA discussion paper covering increasing transparency in regulation 29 August Definite
September 2008
Item Date (if Known) Definite or Expected?
HMRC consultation on the taxpayers charter closes 11 September Definite
FRC consultation promoting actuarial quality closes 30 September Definite
FRC consultation monitoring and scrutiny of actuarial work closes 30 September Definite
October 2008
Item Date (if Known) Definite or Expected?
New basis for calculation of transfer values from defined benefit schemes 1 October Definite
Legislation allowing self-investment of protected rights in SIPPS comes into force 1 October Definite
Parliament returns from  recess 6 October Expected
Pensions Bill goes into the report stage Early October Expected
Pensions Bill given Royal Assent Late October Expected
Personal Accounts Delivery Authority moves from an advisory body to having executive powers October Expected
FSA consultation on Regulatory fees and levies for 2009/2010 closes October Definite
FSA feedback statement on the Retail Distribution Review October Expected
Autumn 2008
Item Date (if Known) Definite or Expected?
Treasury feedback to the Myner’s consultation Autumn Expected
Personal Accounts Delivery Authority to consult on investment Autumn Expected
Personal Accounts Delivery Authority to consult on decumulation Autumn Expected
FSA publishes results of review into PP and SIPP transfers Autumn Expected
DWP to publish research on means-tested benefits and pensions reform Autumn Expected
The Pensions Regulator to issue good practice guides on investment and member communication Autumn Expected
Committee of European Insurance and Occupational Pension Supervisors delivers Solvency 2 QIS 4 report to the European Commission November Expected
Winter 2008
Item Date (if Known) Definite or Expected?
European Commission concludes negotiations on Framework Directive on Solvency 2 December Possible
FSA: treating customers fairly – all firms must demonstrate through hard management information they are consistently treating customers fairly December Expected
2009
Item Date (if Known) Definite or Expected?
Personal Accounts Delivery Authority to consult on scheme rules Early 2009 Expected
S2P upper earnings band and contracted-out rebates frozen 6 April 2009 Definite
Deadline for registering Primary and Enhanced Protection with the HMRC 6 April 2009 Definite
DWP regulations on GMP conversion comes into force April 2009 Expected
New rules following the FSA’s Retail Distribution Review come into force Late 2009 Expected
2010 and later
Item Date (if Known) Definite or Expected?
Minimum pension benefit age rises to age 55 April 2010 Definite
Phased increases in females’ State Pension Age from 60 to 65 starts 6 April 2010 Definite
Number of qualifying years for a full basic pension reduces to 30 6 April 2010 Definite
Tax threshold increases to £10,000 for over 75s April 2011 Definite
Introduction of earnings-related link for basic state pensions April 2012 Possible
Introduction of pensions reform, including personal accounts April 2012 Expected
End of DC contracting out and abolition of protected rights April 2012 Expected
European Union moves to new Solvency 2 regime During 2012 Expected
Government to report on the operation of the Pensions Act 2007 2014 Expected

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