Aries Pension & Insurance Systems Ltd The UK Pensions Industry's Technical Website
Members Log In Here
Aries Home
Pensions Timeline
Analysis & Comment
The Taurus Column
Pensions Gateway
Statistics
About Aries
Pensions Software
Who Uses Aries?
Search the Site
Contact Aries
"Simplification of Contracting Out"
by Ian Neale 16/03/2002    Printer-friendly version of this page

No, not an early result from the Pickering Review: the headline refers to the DWP’s description of a set of amendments (SI 2002/681) to various contracting-out regs. These come into force on 6 April 2002 and follow consultation with the industry between May and July last year.

These amending Regs

  • reduce the amount of information that employers electing to C/O or vary the C/O certificate must provide
  • make it easier to commute trivial benefits
  • enable commutation of Equivalent Pension Benefits (EPBs) before NPA
  • enable transfer of Protected Rights (but not GMPs) to overseas PPs
  • reinstate the pre-6.4.97 facility to transfer C/O rights to a s.53 (ie formerly C/O) scheme
  • remove the "qualifying" restriction for widow(er)s of COMP and APPS members to inherit Protected Rights on death before vesting
  • allow an unmarried person to purchase a single-life annuity with their pre-6.4.97 (as well as post-5.4.97) Protected Rights fund, instead of having to provide for survivors’ benefits.

Aries members login for more detail



Back to Top
© 2000 - 2008 Aries Pension & Insurance Systems Limited. Read the Legal Notice & Disclaimer
Please report any problems to webmaster@ariespensions.co.uk Website designed by Webcore