Contracting out

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Contracting out guidance:

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,...

Practice Note

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...

Practice Note

THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES IMMEDIATELY BEFORE 6 APRIL 2016. Nature of employers' statutory...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

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...

Practice Note

THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED (COSR) SCHEMES BEFORE 6 APRIL 2016 Contracting-out on a...

Practice Note

What are guaranteed minimum pensions? Guaranteed minimum pensions (GMPs) arrived on the pension scene on 6 April 1978, at the same time as the State Earnings-Related...

Practice Note

This Practice Note describes and comments on the process that must be undertaken should the trustees of an occupational pension scheme with guaranteed minimum pension...

Practice Note

THIS PRACTICE NOTE APPLIES TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED (COSR) SCHEMES BEFORE 6 APRIL 2016. On 6 April 2016, contracting-out on a salary-related...

Practice Note

THIS PRACTICE NOTE APPLIES TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED (COSR) SCHEMES BEFORE 6 APRIL 2016 This Practice Note covers the requirements...

Practice Note

This Practice Note provides guidance on: • the old state pension scheme for those reaching state retirement age prior to 6 April 2016, and • the new state pension scheme...

Practice Note

’Protected rights’ were the benefits which schemes contracted-out on a money purchase basis had to provide, before 6 April 2012, to contracted-out members in lieu of the...

Practice Note

THIS PRACTICE NOTE APPLIES TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED (COSR) SCHEMES BEFORE 6 APRIL 2016 For a scheme to contract out on a salary-related basis...

Practice Note

Contracting-out on a salary-related basis (also known as DB contracting-out) was abolished on 6 April 2016. Members of schemes that were contracted-out salary-related...

Practice Note

Contracting-out on a salary-related basis (also known as defined benefit (DB) contracting-out) was abolished on 6 April 2016. Members of schemes that were contracted-out...

Practice Note

THIS PRACTICE NOTE APPLIES TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED (COSR) SCHEMES BEFORE 6 APRIL 2016 For a scheme to contract out on a...

Practice Note