3.The Pensions Act 2014 contains significant reforms to both the state pension system and bereavement benefits. It provides for a new class of voluntary National Insurance contribution, Class 3A, for existing pensioners and people due to reach pensionable age before 6 April 2016, amends the timetable for increasing pensionable age to 67 and introduces a framework for considering future increases in pensionable age. It also contains a number of measures relating to private pensions, including a power to provide for a system of automatic transfers of a person’s accrued rights to benefits under a pension scheme to another scheme of which that person is an active member and powers to restrict charges and set minimum standards for pension schemes.
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