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&#39Pivotal ages don&#39t swing decision now&#39

Contracting out on the basis of pivotal ages is no longer justified because rebates are so low, according to Scottish Equitable pensions development director Stewart Ritchie.

Ritchie told a packed audience at Money Marketing Live at London&#39s Olympia that cli-ents could still want to contract out on other grounds such as mistrust of the state meeting its pension promises. Advisers might recommend contracting out where the shape of benefits made it worthwhile such as men wanting to take benefits at 60 from a personal pension.

The actuarial profession&#39s submission to the Department for Work and Pensions Green Paper calls for an improvement in the level of contracted-out rebates to levels that make coming out a realistic option.

The actuaries told the DWP the current level of transfer values is so low that there is no basis for relying on pivotal ages to recommend transfers at all.

Ritchie said: “The message from the actuarial profession is &#39Please do not base decisions to take contracting-out rebates on pivotal ages&#39. If you do, you will be standing on very weak ground.”



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Lifesearch says clients feel betrayed and will shun Pru

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Cash has dash

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EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.


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