The following Pensions practice note provides comprehensive and up to date legal information covering:
From 6 April 2016, defined benefit (DB) contracting-out will cease to exist. The intention was initially for the reforms to be introduced on April 2017—however, a written ministerial statement dated 19 March 2013 brought forward these plans by a year.
The legislation below results from the end of contracting-out for salary-related occupational pension schemes from 6 April 2016.
The legislative changes necessary to implement the abolition of DB contracting-out are being made through:
the Pensions Act 2014, PA 2014, s 24, Schs 13–14. PA 2014 received Royal Assent on 14 May 2014 and among other things:
provides for the repeal of certain contracting-out provisions contained in the Pension Schemes Act 1993 (PSA 1993) with effect from 6 April 2016, and
introduces a statutory amendment power for employers which enables them to amend occupational scheme rules without trustee approval solely to reflect increases in employer national insurance costs arising from the abolition of DB contracting-out by increasing employee contributions and/or amending future benefit accrual
the Pensions Act 2014 (Savings) Order 2015, SI 2015/1502, which was made on 14 July 2015 in response to the government's consultation. This Order:
defers some of the repeals made by PA 2014 until 6 April 2019 to give HMRC and trustees a three-year transitional period in which to conclude any DB contracting-out matters relating
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