Occupational and Personal Pension Schemes: Review of Certain Contracting-out Terms; Reports by the Government Actuary and the Secretary of State for Work and Pensions in Accordance with Sections 42 (1), 42B (1) and 45A (1) of the Pension Schemes Act 1993 on the Following Draft Order: the Social Security (Reduced Rates of Class 1 Contributions, Rebates and Minimum Contributions) Order 2006

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This report covers the review of the rebate by the Government Actuary for people with salary-related contracted-out schemes (COSRS), money purchase contracted out schemes (COMPS) and Appropriate Personal Pensions (APPS) in relation to the five year period commencing on 6 April 2007. Rebates appropriate for members of APPs and COMPs would also be appropriate where such schemes are stakeholder pensions, under the terms of the Welfare Reform and Pensions Act 1999. The paper sets out two reports on occupational and personal pension schemes, one by the Government Actuary and the other by the Secretary of State for Work and Pensions. Under the Pension Schemes Act 1993, a review is required every 5 years of the percentages specified in section 41 of the Act for the reduction in the Class 1 National Insurance contributions for members of salary-related contracted-out schemes (COSRS), known as the rebate. The review should cover any changes in the factors affecting the cost to occupational pension schemes. Separate requirements exist for members of money purchase contracted-out schemes (COMPs). The previous review was published in March 2001 (Cm.5076, ISBN 0101507623). The reduced rates and rebates set out in this report will have effect from 6 April 2007 and may continue to apply until April 2012, though recommendations on the future of contracting out pension schemes as set out in "A New Pension Settlement for the Twenty-First Century" (ISBN 0117036021), along with Government proposals in a White Paper due in the Spring 2006 may lead to a further review of the reduced rates and rebates of National Insurance contributions.

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