2.2.1 Social Security Act 1973
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Granted as a right, a preserved benefit for leavers who were over
26 and had completed five years' qualifying service. Qualifying
service will generally mean membership of the pension scheme in
almost all cases, as preservation is linked to scheme membership
rather than employment. The exception to the rule is where a transfer
is received by a scheme and service is aggregated. After this period
a refund of any member's contributions to the scheme were not permitted.
In subsequent Social Security Acts the age stipulation was dropped
and the required service period was reduced to two years
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In addition, the Act
- Ended the graduated scheme from April 1975.
- Introduced earnings related N.I. contributions.
- Introduced annual review of social security rates.
- Set up the Occupational Pensions Board (OPB
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