GUIDANCE ON THE MEANING AND IMPACT
OF PENSIONS LEGISLATION CHANGES
– click to see this month's example
The Order specifies the percentage by which deferred benefits coming into payment (at NPA) under a final salary scheme during the calendar year 2020 must be revalued. This depends on how many completed periods of 365 days have elapsed since the individual left pensionable service.
The Pensions Act 2008 reduced the 5% 'cap' to 2.5% compound per annum for pension based on service from 6 April 2009, though schemes may continue
Note that in the case of a formerly contracted-out scheme, this revaluation does not apply to any GMP element of benefits accrued to 5.4.97. GMPs are separately revalued . . .
01 Nov 2019 Check other news items
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