Pensions Bill: QEF not QED as age hike confirmed

Section 13, and the relevant Schedule 3, of the Bill, provides for the age to be increased in steps starting from 6 April 2024, over a period of 22 years. For those born after 5 April 1978, it means a pension age of 68 would come into effect by the targeted retirement age of 68. The government has also put forward proposals to implement new so-called deemed earnings factors for purposes of calculating additional state pension entitlements. These factors are termed “QEF” (qualifying earnings factor), and apply to those attaining a pensionable age after 6th April 2009, but will come int...