What did the Pensions Act 2008 achieve?

While the Pensions Act 2007 outlined changes to the Basic State Pension and Second State pension, including raising the retirement age for both men and women to 68 eventually, so the Pensions Act 2008 has focused on reforming workplace pension provision

The Pensions Act 2008, with its principal objective of making saving for retirement the norm, is targeted at low to moderate income earners – the type of individuals ordinarily less inclined to make provision for their retirement. To encourage this process it is envisaged that from 2012 all eligible workers not already in a good quality workplace pension scheme will be automatically enrolled into either their employers’ pension scheme or a new savings vehicle known as a personal account scheme. Workers therefore will have to actively decide not to be in a scheme, if for any reason they ...