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"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.
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