How does contracting out work and how does a scheme member know if they have contracted out or been contracted out?
The issue around clawback affects pensioners who have been contracted out of occupational pension schemes.
In a nutshell, Kay Ingram, director of public policy for LEBC, describes this as schemes where both employer and employee have paid a reduced rate of national insurance (NI) while the member was working.
As Keeley Paddon, head of technical for the SimplyBiz Group, explains
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The core principles of the business are the same today as they were when we launched – to put the needs of financial advisers and their clients at the heart of everything we do. That’s why you will only find market leading products and service on offer from SimplyBiz, all designed with that principle in mind.