Consultation outcome

The Occupational Pension Schemes (Contracting-out and Modification of Schemes) (Amendment) Regulations 2012 – public consultation

This consultation was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

Download the full outcome

Government response: Occupational Pension Schemes (Contracting-out and Modification of Schemes)(Amendment) Regulations 2012

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Detail of outcome

The government plans to make amending regulations which will come into force on 6 April 2012.

Original consultation

This consultation ran from to

Summary

This consultation sought views on a new compound interest rate and a new regulation for trustees of pension schemes to allow for 'protected rights'.

Documents

The Occupational Pension Schemes (Contracting-out and Modification of Schemes) (Amendment) Regulations 2012 – consultation document

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The Occupational Pension Schemes (Contracting-out and Modification of Schemes) (Amendment) Regulations 2012 – regulations

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Consultation description

This consultation sought views on proposed changes to contracting-out regulation:

  • to increase the amount of the compound interest used in the fixed rate revaluation of Guaranteed Minimum Pension for early leavers from 6 April 2012 to 4.75 per cent
  • to introduce a regulation to allow trustees of formerly contracted-out defined contribution occupational pension schemes to change their scheme rules to take into account the abolition of ‘protected rights’ after 6 April 2012.

The consultation also advised of a technical drafting correction to the Occupational Pension Schemes (Contracting-out) Amendment Regulations 2011 (SI 2011/ 1294), which comes into force on 1 October 2011. The correction provides clarification for actuaries certifying that contracted-out salary-related occupational pension schemes meet the contracting out conditions.