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ABI talks with Government over DB ban

The Association of British Insurers says it is in talks with the Government to clarify why it is proposing a ban on the majority of transfers from defined-benefit to defined-contribution pension schemes from April 2012.

Earlier this month, Money Marketing revealed that the Government is to stop the bulk of people from transferring out of final-salary pensions.

The plans are outlined in a consultation detailing the draft legislation for the abolition of contracting out. Some pre-1997 benefits, called excess benefits, will be exempt from the change as well as non-contracted-out defined-benefit schemes.

The Department for Work and Pensions proposal came under fire from both advisers and providers.

An ABI spokeswoman says: “We want to ascertain if this is an unintended consequence of the abolition of contracting out. The DWP’s consultation on contracting out is in its early weeks and we will respond in time for the October 19 deadline.”

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