The Pensions Act 2014 introduced significant reforms to the state pension system and workplace pensions. This Act aimed to modernise the pension system, make it more sustainable, and ensure that it provides adequate retirement income in the context of an aging population.
The Pensions Act 2014 implemented several major changes, including the introduction of a new single-tier state pension, changes to the State Pension age, and reforms to private pensions. These adjustments were designed to simplify the pension system, provide clearer benefits, and encourage greater personal saving for retirement.
This Act significantly reformed the UK’s pension landscape to create a more sustainable and understandable system. These changes aim to ensure that individuals save more for their retirement and have greater control over their pension savings, while also maintaining the viability of the state system as demographics shift.
