Gain clarity on the legal procedures for members exiting schemes before retirement, ensuring compliance and optimal outcomes. Our expert guidance simplifies the complexities of early pension leavers, transfers, and contracting-out. We provide detailed advice on managing pension benefit movements between schemes and insights into statutory requirements and best practices. Access comprehensive information on contracting-out regulations to effectively advise on National Insurance contributions and safeguarded benefits. Streamline your understanding of these critical aspects of pension management with our thorough resources.
The following Pensions news provides comprehensive and up to date legal information on Government consults on local government pension fixes to tackle discrimination
The following Pensions news provides comprehensive and up to date legal information on Government urged to reform scam rules amid widespread pension transfer delays
Qualifying Recognised Overseas Pension Schemes (QROPS)Why use a QROPS?In practice, many Qualifying Recognised Overseas Pension Schemes (QROPSs) are...
Self-invested personal pensions (SIPPs)When personal pensions were first introduced in April 1988, they could only be established by authorised...
Retirement Annuity Contracts (RAC)—older types of personal pension schemesFORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase...
Pension commencement lump sums (PCLSs)When a member of a pension scheme becomes entitled to receive their scheme benefits, they can usually take part...
Early leavers—preservationFORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes).The Finance Act 2022 will also give
Abolition of DC contracting-outContracting-out on a money purchase basis before 6 April 2012Contracting-out was the mechanism whereby an individual (whether employed or self-employed) could elect to forgo accrual of the element of the State pension which, before 6 April 2016, was known as the
Early leavers—revaluationFORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes).The Finance Act 2022 will also give
Anti-frankingThe conceptIt used to be the case that contracted-out salary-related (COSR) schemes could revalue a deferred member's guaranteed minimum pension (GMP) without increasing the overall deferred pension. The pension in excess of the GMP was effectively reduced so that the overall deferred
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