Background
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.
4.For ease of reference, please note the following abbreviations for existing pieces of legislation used in these notes:
	SSCBA 1992 – Social Security Contributions and Benefits Act 1992
	SSAA 1992 – Social Security Administration Act 1992
	PSA 1993 – Pension Schemes Act 1993
	PA 1995 – Pensions Act 1995
	SPCA 2002 – State Pension Credit Act 2002
	PA 2004 – Pensions Act 2004
	PA 2007 – Pensions Act 2007
	PA 2008 – Pensions Act 2008
	PA 2011 – Pensions Act 2011