The Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2017

Closed 23 Apr 2017

Opened 10 Apr 2017

Overview

Following the introduction of the new State Pension, salary-related contracted-out schemes can no longer transfer pensioner members to newly created schemes (with their consent) because these transfers can only currently take place to schemes that have been formerly contracted-out.

The questions are part of the Contracting-out (Transfer and Transfer Payment) (Amendment) Regulations 2017 consultation.

Why We Are Consulting

The Department for Work and Pensions is aware that a number of schemes would like to peform these transfers but are prevented from doing so by the legislation. In particular if these transfers do not take place, because of the financial position of some of the schemes, pensioner members of the schemes may have to be transferred to the Pensions Protection Fund (PPF). The benefits members receive may then be less than if a transfer could be made to a newly established scheme.

OTHER WAYS TO RESPOND

If you would prefer not to respond online, you can respond by email to contracting.outteam@dwp.gsi.gov.uk, or to the following postal address:

Department for Work and Pensions
Contracting-out policy Team
Private Pensions
First Floor
Caxton House
6-12 Tothill Street
London
SW1A 9NA

Areas

  • All Areas

Audiences

  • Individuals

Interests

  • Pensions