the Pensions Act 2004. They find a strong negative relationship between a firm's dividend payments and its pension contributions, but a weaker effect on investments. They found that dividend and investment sensitivities to pension contributions were more pronounced after the introduction of the Pensions Act 2004. State pensions The Act also affects state pensions . A significant change was the phasing in of equalisation of state pension ages for men and women over a ten-year period. Notes References R Goode, Pension Law Reform (HMSO 1993) Cmnd 2342 E McGaughey, A Casebook on Labour Law (Hart 2019) ch 6(4) External links Pensions Act 1995 Pensions in the United Kingdom United Kingdom Acts of Parliament 1995