see also...
Pensions initiatives
White papers
In November 2006 the UK Government published a new Pensions Bill which aims to implement some of the measures which originally stemmed from the Turner Report and which featured subsequently in the May 2006 White Paper on pensions reform issued by the Department of Work and Pensions. The Bill provides for the state pension age to be raised to 68 by 2046 and for action to be taken to restore the link between the basic state pension and average earnings. The Bill also contains reforms designed to improve the pension entitlements of women and carers - the number of years' contributions needed to qualify for a full basic state pension is to be reduced and weekly credits are introduced to recognise and reward-caring responsibilities.
A further White Paper from the DWP, on the mechanics of setting up the proposed new system of personal accounts (another feature of the Turner Report recommendations) was published in December 2006. This was out for consultation until March 2007.
Retirement Benefits - Disclosures
In the second half of 2006, the UK's Accounting Standards Board (ASB) announced that it planned to publish a Reporting Statement on 'Retirement Benefits - Disclosures' with the aim of promoting greater transparency in the financial reporting of the affairs of pension schemes. A new Reporting Statement was duly issued in January 2007. The text of the statement, and further information on this initiative can be found on the ASB website.
Discussion and consultation papers
ACCA seeks to make a strong and distinctive contribution to public debate on all relevant issues concerning pensions. You will find a list of consultation papers currently being reviewed by ACCA, together with an invitation to ACCA members to contribute comments for consideration, listed in our Technical policy papers section.