contracting out

Tanjil Rashid looks at how schemes are preparing for the end of contracting out

Standard Life has announced it is closing its defined benefit scheme - currently used by 55% of its employees - to future accrual from April 2016.

The Pensions Bill has received Royal Assent in Parliament, bringing reforms to state pension and the abolition of defined benefit (DB) contracting out closer.

The Department for Work and Pensions (DWP) has opened a consultation on proposed changes caused by the abolition of contracting out of the additional state pension by defined benefit (DB) schemes.

HM Revenue and Customs has announced measures to help defined benefit (DB) schemes handle the administration associated with the abolition of contracting out.

The number of active members of defined benefit (DB) schemes who have contracted out of the additional state pension fell between 2008 and 2012, says the Office for National Statistics (ONS).

The introduction of the flat-rate state pension will result in 'unintended consequences' for public sector pension schemes, the Local Government Association (LGA) warns.

Pension industry organisations have criticised the Department for Work and Pensions' (DWP) decision to block the use of statutory override for former public sector pensions.

Barnett Waddingham’s Malcolm McLean urges the government to bring forward DA legislation

One in six defined benefit (DB) sponsors are considering closing their schemes as one of a range of options when contracting out ends, according to Aon Hewitt.