70 Years in Pensions.
As the UK prepares to mark Her Majesty The Queen's Platinum Jubilee, we've been looking at some of the changes that have happened in the last 70 years or so within our industry.
It was only 76 years ago through the National Insurance Act that a State Pension for everybody was implemented on a contributory basis. Taking effect from 1948, men were eligible at 65, while women could receive it from 60. This was a big step up from January 1st 1909, which is known as Pensions Day, when you could only receive a pension if you were deemed of 'good character'.
It then wasn't until 1978 that the Social Security Pensions Act created the State Earnings Related Pension Scheme (SERPS), to provide a pension related to earnings, in addition to the basic state pension.
In 2002, in the year of the Golden Jubilee, SERPS was replaced with the State Second Pension Scheme (S2P), to help lower earners top up their state pension. Auto-enrolment coincided with the Diamond Jubilee in 2012, probably the biggest initiative in UK pensions, giving millions of people access to a company pension scheme for the first time.
In this Platinum Jubilee year, the State Pension has risen by 3.1% and the world of Workplace Pensions continues to evolve apace.
Our office will shut at close of play on Wednesday 1st June and will reopen at 9am on Monday 6th June.