Keeley Paddon sets out how state pension reforms and contracting out changes affect guaranteed minimum pensions and outlines key dates advisers should be aware of
The state pension system is changing for people who reach state pension age on or after 6 April 2016 (men born on or after 6 April 1951 and women born on or after 6 April 1953). The new state pension, which will be introduced on 6 April 2016, replaces the current two-tier system of basic and additional state pension and will also bring an end to defined benefit contracting out (defined contribution contracting out was abolished in April 2012). GMP increases In the past, the Department for Work and Pensions (DWP) simplified how it describes the state pension calculation to take ...
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