Hutton squashes protected rights u-turn rumours

In a debate on the Pensions Bill currently going through parliament, Hutton outlined the various clauses of the Bill, including the one which legislates for the abolition of contracting-out for defined contribution (DC) schemes. But he also added: “During the Bill’s passage through Parliament, we intend to take powers to enable us to remove the complex rules governing rights accrued in contracted-out DC schemes, following the outcome of the review of the open market option for annuities that we expect to be completed by the end of the year." “The removal of those rules will simplify the...