Industry disappointed over contracting-out reforms

In particular some providers are disappointed in the decision to go ahead with the abolition of contracting-out for defined contribution (DC) pension schemes, and moves to simplify the State Second Pension (S2P) into a flat rate top-up to the Basic State Pension (BSP). Standard Life says it supports the main changes in the Bill as on the whole they are “positive moves”, which will hopefully ensure women will no longer be “propping up the retirement poverty ladder”. However Andy Tully, pensions technical manager at Standard Life, points out the reforms included in the Bill are “not a com...