Protected rights delay could signal next u-turn

In September the Department for Work and Pensions (DWP) issued a consultation on the consequences of removing the restrictions attached to protected rights, as part of its work to deregulate pensions. At the time it argued keeping protected rights, which are the result of contracting out from the State Second Pension (S2P), separate from the rest of a pension fund and with additional restrictions such as the type of annuity which must be purchased, has been “a source of complexity for schemes and members”. The consultation, which closed on 13 October 2006, said the government was propos...