Pension Act 2004

The Pension Act 2004 is UK legislation that established the framework for occupational and personal pension schemes, enhancing retirement savings. It set standards for pension regulation, governance, and protection, including the creation of the Pensions Regulator to oversee schemes and ensure member funds are protected. The act introduced automatic enrollment, requiring employers to enroll eligible employees into pension schemes, helping more people build retirement savings. Overall, it aimed to improve pension security, transparency, and accessibility for workers, aligning pension management with modern financial practices and promoting financial sustainability in retirement planning.