Ten things to know about…the abolition of protected rights

It is a well-known fact that from 6 April this year it will no longer be possible to contract out of the state pension system using a defined contribution pension scheme. This practice has declined in recent years but there are significant assets held by many clients who were possibly incentivised to do it in the past. These assets in the fund would have been held separately as protected rights (PR) benefits due to the specific legislation governing the benefits that had to be paid in different circumstances. As with all changes the facts are quite simple to understand, however there are so...