The New State Pension and Removal of Contracting-OutJanuary 11, 2016
The Government are introducing a new State Pension on the 6 April 2016 and from April 2016, the National Insurance contribution rebate for all Contracted-Out pension schemes such as the Local Government Pension Scheme will be removed. The rebate is currently 1.4% of pay which will be lost for Local Government Pension Scheme (LGPS) members from April 2016.
A series of fact sheets has been produced by the Department of Work and Pensions (DWP), the Local Government Association (LGA) and our Actuary Mercers to explain the effect of these changes. Links to these fact sheets can be found on the State Pension Benefits page.This entry was posted in The New State Pension & Contracting Out. Bookmark the permalink. ← Pensions Newsletter January 2016 Information for Equitable Life AVC Members’ →