Government proposals for legal recognition for same-sex relationships will lead to joint state pensi...
Government proposals for legal recognition for same-sex relationships will lead to joint state pension benefits for the couple and the right for one partner to claim survivor benefits after the death of the other in private schemes.
In practical terms, the Government is proposing registered partners get the same state pension rights as married couples once entitlement for husbands and wives is equalised in 2010.
From that date, the state pension age for men and women will begin to be equalised over a 10-year period to age 65 and derived pension rights will be available to husbands and wives on an equal basis.
In terms of private and public service pension schemes, the proposal is that conditions for contracting out should be amended to include a requirement for survivor benefits to be paid to registered partners in addition to married couples.
Deputy manager of pension development at Scottish Equitable, Rachel Vahey, said while a number of private sector schemes already cover same-sex relationships if rules allow trustees to do so, the proposed legal changes will necessitate a further look at funding arrangements.
'Any change in practice on private pensions will have a potential impact on funding,' she added.
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