software
reporting requirements
changes to benefit accrual or contributions reconciliation process with HMRC communicating changes to employees
CIPP webcast on the end of contracting-out
Countdown Bulletin 14 - February 2016 29 February 2016
The latest edition of the Contracting-out Countdown Bulletin includes details about the Guaranteed Minimum Pension (GMP) Calculation Service which will be made available to all Pension Scheme Administrators in April 2016. The latest edition of the Countdown Bulletin, published by the National Insurance Services to Pensions Industry aims to provide additional guidance for pension scheme administrators on the ending of contracting-out in April 2016.
Countdown bulletin 14 includes information on:
Scheme Reconciliation Service
Guaranteed Minimum Pension Calculation Service popular questions raised through the mailbox information for Employers.
If you would like further information, listen to our short CIPP webcast on the end of contracting-out
Abolition of contracting-out: consequential amendments 4 March 2016
The secondary legislation required to support the abolition of contracting-out from 6 April 2016 has been laid before Parliament.
The Department for Work and Pensions (DWP) has been developing legislation to support the ending of contracting out from 6 April 2016. The DWP has published their response to the consultation on draft legislation which addresses concerns raised about certain administrative functions. There was broad agreement by most respondents that the provisions in the Order: are necessary as a consequence of contracting out ending protect members’ rights will ensure schemes are able, post abolition, to carry out their administrative functions
The required secondary legislation has also been laid before parliament:
The Pensions Act 2014 (Abolition of Contracting-out for Salary Related Pension Schemes) (Consequential Amendments) Order 2016 (S.I. 2016/200)
The Occupational and Personal Pension Schemes (Modification of Schemes – Miscellaneous Amendments) Regulations 2016 (S.I. 2016/231)
This legislation serves a number of purposes:
It will enable employer sponsors of schemes which were previously contracted-out to continue to run and administer these schemes without disruption. All rights accrued by employees through contracted-out defined benefit (DB) schemes before the abolition of contracting-out are fully protected. It will enable trustees of schemes to make certain changes to their scheme rules to take advantage of changes in the Pensions Act 2014 concerning the revaluation of GMPs for early leavers following the abolition of contracting out.
The Pensions Act 2014 (Contributions Equivalent Premium) (Consequential Provision) and (Savings) (Amendment) Order 2016 (S.I. 2016/252)
CIPP Policy News Journal
25/04/2016, Page 358 of 453
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