The Pensions Policy Institute (PPI) recently released the 2023 edition of the Pensions Primer: a guide to the UK Pensions system. This provides an outline of the UK pensions system and the influences of current policy. The guide is intended for people wanting to learn about, or update their knowledge relating to, current UK pensions policy and covers both the State and private pensions.

The 2023 version reflects the current position of, and legislated future changes to the UK pensions system as at 1 June 2023. The Primer explains the UK Pension system by applying a three-tier approach encompassing both State and private pension accrual and entitlement:

  • Tier 1: The State related retirement provision. So, since April 2016, that’s the New State Pension and State Pension Credit.
  • Tier 2: Additional State Pension which existed prior to 6 April 2016; SERPS and the Second State Pension.
  • Tier 3: Covers Employer sponsored schemes, DB, CMP and DC

As well as the report, the PPI has also published: