The new Government will be introducing a Bill to phase out the default retirement age (DRA) in the first session of the new Parliament.  Confirmation came in the list of 22 new bills outlined in the Queen’s Speech.

Apart from phasing out the DRA, the Pensions and Savings Bill will also set a timetable for raising the state pension age more quickly than previously planned.  But it will depend on the outcome of a review.  The Bill will restore the link between the earnings and the state pension from 2012.

A new Welfare Reform Bill will create a single welfare-to-work programme and make benefits more conditional on willingness to accept work.

The Equitable Life Payments Scheme Bill will secure compensation for close on a million policyholders who were hit by the collapse of the insurer, Equitable Life. 

The National Insurance Contribution Bill will block next year’s 1 per cent rise in National Insurance Contributions for employers in the UK, although the 1 per cent rise for employees will go ahead.

For a full list of the new Bills go to: http://news.bbc.co.uk/1/hi/uk_politics/8701376.stm

Read Taen’s press release here.