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Pensions in 30: 2. Contracting-out of the State Second Pension
Manage episode 181289159 series 1460512
Key points
- Prior to 6 April 2016, an occupational pension scheme could contract out of the Additional State Pension on a defined benefit (DB) basis.
- Prior to 6 April 2012, an occupational or a personal pension scheme could contract out of the Additional State Pension on a defined contribution (DC) basis.
- In a contracted-out scheme, the member and his employer paid a lower rate of National Insurance contributions. The member receives an amount of pension from their contracted-out scheme which is at least as good as the Additional State Pension given up.
You can find this episode and the accompanying transcript on our website: https://gowlg.co/3L5brm7
Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.
We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r
Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41
Want to get to know us? Follow us on:
LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq
This podcast may contain information of general interest about current legal issues, but does not give legal advice.
51 episode
Manage episode 181289159 series 1460512
Key points
- Prior to 6 April 2016, an occupational pension scheme could contract out of the Additional State Pension on a defined benefit (DB) basis.
- Prior to 6 April 2012, an occupational or a personal pension scheme could contract out of the Additional State Pension on a defined contribution (DC) basis.
- In a contracted-out scheme, the member and his employer paid a lower rate of National Insurance contributions. The member receives an amount of pension from their contracted-out scheme which is at least as good as the Additional State Pension given up.
You can find this episode and the accompanying transcript on our website: https://gowlg.co/3L5brm7
Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.
We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r
Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41
Want to get to know us? Follow us on:
LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq
This podcast may contain information of general interest about current legal issues, but does not give legal advice.
51 episode
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