Pensions update — March 2013
The single-tier state pension is to be introduced from April 2016 (not 2017 as previously announced). This will mean that DB contracting-out will cease from the same date. Legislation will enable employers to cover the costs of additional NIC payments through changes to contribution rates or benefits for their existing pension schemes.
Set out below is a brief summary of the other measures in the Budget relating to pensions – the majority of which had already been made public…
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