DWP 'should press ahead' on protected rights reform

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First Actuarial has called on the Department for Work and Pensions to press ahead with proposals to remove the constraints surrounding protected rights.

The DWP has issued a 25-page consultation, which closes on 13 October, over whether the special conditions relating to protected rights, the money built up from national insurance rebates through contracting out of the state second pension (S2P), should be removed or just lessened. It says it is looking to treat protected rights in the same way as other pension benefits, as part of its ‘rolling deregulatory review’ of pensions legislation, as contracting out of defined contribution (DC) schemes will be abolished by 2012, and having two sets of monies within one account simply increases th...

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