This Practice Note focuses on the abolition of DB contracting-out from 6 April 2016. The only other form of contracting-out that ever existed,...
On 6 April 2016, contracting-out on a salary-related basis (also known as DB contracting-out) ceased to exist. Schemes that were contracted-out...
THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES IMMEDIATELY BEFORE 6 APRIL 2016. Nature of employers' statutory...
Contracting-out on a money purchase basis before 6 April 2012 Contracting-out was the mechanism whereby an individual (whether employed or self-employed) could elect to...
FORTHCOMING DEVELOPMENT: On 30 July 2019 the Financial Conduct Authority (FCA) published a Consultation Paper CP19/25: Pension transfer advice: contingent charging and...
Before 6 April 2015, members entitled to money purchase or defined contribution (DC) benefits had limited retirement options, namely: • getting a scheme pension •...
The concept It used to be the case that contracted-out salary-related (COSR) schemes could revalue a deferred member's guaranteed minimum pension (GMP) without increasing...
STOP-PRESS: Measures to introduce a system of automatic transfers (also known as ‘pot follows member’), whereby a pension pot would follow the member...
As a general rule, members of registered pension schemes can only start receiving their pension benefits from such schemes from age 55 (prior to 6 April...
Bridging pensions—background Bridging pensions are a form of pension provided by some (but not all) defined benefit occupational pension schemes in...
Introduction This Practice Note considers bulk transfers between occupational pension schemes. A bulk transfer is the transfer of a group of members from one scheme (the...
This Practice Note focuses on the considerations that were applicable before 6 April 2016, the date on which contracting-out on a salary-related basis (also...
This Practice Note focuses on the considerations applicable on and from 6 April 2016, the date on which contracting-out on a salary-related basis (also known as DB...
THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES BEFORE 6 APRIL 2016 Contracting-out on a salary-related...
THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES BEFORE 6 APRIL 2016 Contracting-out on a salary-related basis (also...
What does 'contracting-out' mean? Before 6 April 2016, there were two levels of State pension provision: • the basic State pension—this was a flat rate broadly based on...
