Pensions

On last Monday the Pensions Minister confirmed that the government will introduce a single-tier state pension from April 2017. This will reduce complexity and offer a higher state pension for the self-employed but may reduce the state pension for higher earners; this will also eliminate ‘contracting out’ and associated national insurance rebates. The government will explore the possibility for defined benefit schemes to change scheme rules to compensate for this loss without trustees’ permission.

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