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ABI and Aifa in new version of contracting-out factsheet

The ABI and Aifa have published a revised version of their contracting-out factsheet, designed to help consumers decide whether to remain out- side the state second pension.

The factsheet says consumers should review their decision to contract out each year, based on factors such as their preference for state versus private provision and the added flexibility of contracting-out.

It stresses that an individual’s age is a particularly important factor and that the Government’s aim is to ensure that con- tracting-out provides a comparable level of benefits to what they would receive under S2P.

ABI director of life and pensions Chris Kenny says: “This factsheet is an important reference guide for the millions of people who have personal pensions and who need to decide every year whether to remain contracted out of S2P.”

Aifa deputy director general Fay Goddard says: “Contracting-out is a complex matter and consumers need clear information about their options and the factors which they need to take into consideration.”

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