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Eversheds comment: Chancellor confirms plan to bring forward single-tier state pension

  • United Kingdom

    20-03-2013

    Commenting on confirmation that the UK Government plans to bring forward the introduction of the single-tier state pension by a year to 2016, Francois Barker, Pensions Partner at global law firm Eversheds, says:

    "The decision to bring forward the introduction of the single-tier state pension is good news and supports the Government's wider objective of encouraging more people to save for their retirement. However, it does mean that employers with DB schemes need to start preparing for the abolition of contracting-out in 2016. In particular, employers may want to adjust benefits or member contribution rates under their scheme to offset the loss of the national insurance rebate."

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