Consultation outcome

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

From:
Department for Work and Pensions
Published
15 July 2011
This 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

PDF, 90.6 KB, 11 pages

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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

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'.

This consultation ran from
to

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.

Documents

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

PDF, 80.5 KB, 10 pages

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

PDF, 41.8 KB, 3 pages

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Published 15 July 2011