Cullen FP

Budget 2012 Overview

Summary

The Chancellor presented his third full Budget since the coalition Government took power on Wednesday, 21st March.

Billed as ‘the budget for working people’ with a promise to ‘back business’, Mr Osborne highlighted the Government’s commitment to three specific areas: a stable economy, a fairer, more efficient and simpler tax system and reforms to support growth. Read more →

Abolition of contracting out on a defined contribution basis

Do these changes affect you and your pension savings arrangements? From the 6th April 2012 individuals will no longer be able to contract out of the additional State Pension (also known as the State Second Pension) on a defined contribution (money purchase) basis. Instead individuals will automatically be brought back into the additional State Pension and begin to build up entitlements from this time.
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