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April 2016 pension reforms, some points of concern

14 January 2016

In this article, first published in PMI News (January 2016), one of our pension team considers areas of particular concern for occupational schemes arising from the forthcoming changes to state pensions and contracting-out.  The reforms will affect many more schemes than might be expected.  That open contracted-out schemes are affected is obvious – but what is less apparent at first glance is that the changes also impact schemes whose rules refer to the State pension system, including some defined contribution (DC) schemes and schemes which have never contracted-out; as well as schemes with preserved rights in respect of  members' previous contracted-out service.   In addition, the impact of contracting-out on the calculation of the new State single-tier pension is difficult to understand and can mean that previous communications with members should be revisited.

This article explains some of the changes ahead and suggests actions trustees and employers may take to prepare themselves.

Please click here to read the full article.


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