Update to NISPI Newsletter – March 2006

We told you that a number of changes would be made to the contracting-out legislation. Most of these are included in:

• The Taxation of Pension Schemes (Consequential Amendments of Occupational and Personal Pension Schemes Legislation) Order 2006 – No. 744 (PDF 217K)
• The Taxation of Pension Schemes (Consequential) Order 2006 – No. 745 (PDF 96K)

For technical reasons, the amendment to allow GMP rights to be commuted on the grounds of serious ill health is being included in a separate SI - the Occupational Pension Schemes (Contracting-out)(Amendment) Regulations 2006. We expect this to come into effect in May.