MORE THAN THREE million people will learn they are to lose their rebates from opting out of the state second pension to fund a low-cost national savings scheme when ministers unveil a far-reaching pensions shake-up, reports The Financial Times.
According to the paper, the change - highlighted by IFAonline two days ago - is the first move in a generation to rebuild the state pension, as John Hutton, work and pensions secretary, will confirm plans to scrap contracting-out rebates for millions of members of defined contribution, occupational and personal schemes. Lord Turner, whose Pensions Commission put forward proposals for reform, told the BBC on Thursday he was broadly satisfied with the government’s plans. He is quoted as saying: “There are going to be details which diverge from what precisely we said, but overall this is 90 ...
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