2 : 1 - Background

Question 1

When was the first organised pension scheme established and who was it for?

Answer 1

In the 1670s for Royal Navy officers

Question 2

What does the Finance Act 1921 cover?

Answer 2

This was the first Act to introduce tax relief on pension contributions

Question 3

What does the 1946 National Insurance Act cover?

Answer 3

It introduced a contributory State Pension (SP) for everyone

Question 4

What does The 1995 Pensions Act cover?

Answer 4

It set up regulatory and compensation schemes offering further protection to members of occupational pension schemes.

Question 5

What is known as ‘A-Day’?

Answer 5

6 April 2006 – a single pension tax regime was introduced and this replaced eight previous regimes

Question 6

What changed in 2010?

Answer 6

The gradual increase in State Pension Age (SPA) from age 60 to 65 for females began and notice of increase in SPA for all up from 65.

Question 7

What was introduced on 1 April 2012?

Answer 7

Automatic enrolment

Question 8

What changed on 21 December 2012?

Answer 8

Gender discrimination on annuity rates were made illegal.

Question 9

What was introduced on the 6 April 2015?

Answer 9

Pension freedoms introduced.

Question 10

What was introduced on the 6 April 2016?

Answer 10

Single-tier SP and Lifetime Individual Savings Account (LISA)