Pensions Bill impact assessment: summary of impacts

Document type
Impact Assessment
Corporate author(s)
Great Britain. Department for Work and Pensions
Publisher
DWP
Date of publication
1 October 2013
Subject(s)
Poverty Alleviation Welfare Benefits and Financial Inclusion
Collection
Social welfare
Material type
Reports

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The Pensions Bill 2013 reforms the UK state pension system. This note summarises the Impact Assessments for the provisions contained in the Bill which have significant costs to the Exchequer and/or impact on business or civil society organisations. Individual Impact Assessments for these proposals are Annexes A to H. A number of measures do not cause significant cost to the Exchequer or have any impact on business or civil society organisations. Consequently, no Impact Assessment has been conducted for these measures. 

The measures summarised are the introduction of a single-tier state pension, managing future changes to the State Pension age (including bringing forward the increase in State Pension age to 67), abolishing the provision that removes the requirement for Pension Credit customers to notify changes of circumstances, reforming the range of benefits associated with bereavement, boosting the consolidation of small pension pots through a system of automatic transfers, extending powers to set quality standards for workplace pension schemes, introducing a new statutory objective for the Pensions Regulator, restructuring the PPF compensation cap to better protect long serving scheme members, and strengthening existing legislation relating to occupational pensions.