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The final oucome has been published in the “Review of rebates and reduced rates of National Insurance contributions for members of defined benefit contracted-out pension schemes”.
The Government Actuary’s Department is pleased to publish a consultation document on the proposed assumptions to inform my advice on the calculation of contracted-out rebates for the period 2012 to 2017.
The abolition of contracting-out on a defined contribution basis means that the focus of this consultation is on the defined benefit rebate.
We are consulting on the actuarial assumptions which might be used on 3 alternative approaches: * a ‘best estimate’ basis, * a ‘typical funding’ basis, and * a ‘gilts’ basis.