Contracting out

In August last year, the Government Actuary's Department (GAD) issued a consultation paper proposi...

In August last year, the Government Actuary's Department (GAD) issued a consultation paper proposing changes to the level of contracted-out rebates to take effect in 2002. Following consultation with the pension industry, the Government has now confirmed the final figures for the new contracting-out rebates. The new rebates will apply from 2002-2007, and their introduction will coincide with the start of the State Second Pension (S2P) on 6 April 2002. This article looks at the overall impact of the measures announced over the last year and how the changes may affect attitudes to retir...