End of DB contracting out: ‘protected persons’ safe from statutory override
Following a consultation in January 2013, the government has now confirmed that ‘protected persons’ will not be prejudiced by the statutory override contained in the Pensions Bill, currently working its way through parliament.
This override allows employers to offset the increased cost of national insurance contributions (NICs) (without trustee consent), which will follow as a result of the abolition of defined-benefit (DB) contracting out.
By way of background, ‘protected persons’ are employees of private sector employers that used to be employees of nationalised industries (for example rail, electricity and coal) and who were members of their respective pension scheme…
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