Advisers 'to lose £80m' from contracting-out ban

In May last year, the government passed legislation ending contracting out into defined contribution pensions. It announced its intention to pass a similar ban on defined benefit schemes during the budget last year, in order to simplify the state pension system. According to Standard Life, which based its estimates on HMRC data, the move means some £2bn per year - approximately £1,000 per person with protected rights - will no longer be paid into private pensions from state pensions. It said this could lead to a total loss of £80m worth of commission advisers currently collect on t...