Atkin trustees, actuaries, consultants & administrators

Current Issues - End of Contracting Out

From April 2016, it will no longer be possible for pension schemes to be contracted-out of the State Second Pension. This has implications for contracted-out schemes open to accrual as they will no longer receive National Insurance rebates (and therefore the employer and employee will pay higher National Insurance contributions) and for all schemes who were contracted out before April 1997 and so have GMP records that will need to be reconciled with those held by HMRC (if they have not already done so).

The first update covers the strategic issues and the options available to the scheme whilst the second update looks at what this might mean in terms of the GMP benefits and the importance of acting on this sooner rather than later.

 

 

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I have worked on a number of schemes with Atkin Trustees Limited and with Richard Bryant in particular. I found them to be a very organised team who focus on achieving practical and cost efficient solutions.

Michael M Jones, Partner, Charles Russell LLP