Proposed Reforms

Question 1

What are the 2 main Government objectives when it comes to pension planning?

Answer 1

1. To ensure pensioners in the UK enjoy an adequate standard of living
2. The costs of providing the state pension are not too high

Question 2

Identify 4 proposals by the Government to support their objectives

Answer 2

1. Increase in state pension age
2. Single tier state pension
3. NI contributions from 30 to 35 years
4. Introduction of NEST

Question 3

Explain the increases in state pension age?

Answer 3

Initially to 68 by 2028 and then eventually to 70

Question 4

What is the purpose of NEST

Answer 4

To introduce a low cost private pension scheme to those who would otherwise not have adequate work based pension scheme

Question 5

What age range is NEST / auto enrolment aimed at?

Answer 5

22 to State Retirement age