Mr Neale, director at pensions technical specialist Aries Pension & Insurance Systems, said there are “huge challenges” for the industry following confirmation in the Pensions Bill of the implementation of the new single-tier pension.
He said: “This will have an impact on employers with defined benefit schemes that have remained contracted out, as they will no longer receive the benefit of National Insurance rebates; instead, they will be required to start paying standard National Insurance contributions in relation to each member.
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