Reform of state pension and end of contracting out
On 14 January, the government published a white paper detailing its plans for reforming the state pension into a ‘single-tier’ system for future pensioners. It has also published a draft Pensions Bill containing provisions to effect the changes.
Currently the state pension system comprises two elements: the basic state pension and the State Second Pension. Entitlement to both is based on an individual’s National Insurance contribution record. Under the reformed system, there will no longer be two elements to the state pension, but a single flat rate pension set above the basic level of means-tested support. The white paper assumes a starting rate of £144 per week, but the actual rate will be set shortly before implementation. Individuals will need 35 qualifying years of National Insurance contributions or credits to receive the full weekly rate. Individuals with fewer qualifying years will receive a lower pension provided they satisfy the qualifying threshold, which is yet to be decided but will be between seven and ten qualifying years…
If you are registered and logged in to the site, click on the link below to read the rest of the Addleshaw Goddard briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Addleshaw Goddard
News from The Lawyer
Briefings from Addleshaw Goddard
InCredit — new controller form for intragroup transactions; PPI complaints set to continue; and more
Addleshaw Goddard’s weekly publication provides information on current retail finance issues, regulatory and legislative developments, market watch and ASA adjudications.
Data Issues Roundup — firm warned to stop nuisance text messages; EU ruling on CCTV; ICO's privacy seals; and more
Addleshaw Goddard has released the 19 January 2014 issue of its Data Issues Roundup .
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?