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New contracting-out regime proposed by Pickering

Pickering’s report says current contracting out rules are too complex and a contributory factor to the switch to defined contribution schemes.

The report focuses on complexity around Guaranteed Minimum Pensions which it says makes it difficult for people to understand their overall pensions rights.

Pickering proposes:

  • The choice of vehicle and form of benefit bought with protected rights should be liberalised.
  • There should be no requirement to provide Limited Price Indexation.
  • Removal of date restrictions when contracted-out rights are payable.

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