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61 Friar Gate Derby DE1 1DJ
Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ T: 01332 202660
Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd. Registered in England No. 05770414
Registered to carry out audit work by the Association of Chartered Certified Accountants - auditregister.org.uk 8011438
From 6 April 2016 employees of contracted-out defined benefit (DB) schemes will automatically be brought back into the State Pension scheme and will no longer be able to use a contracted-out salary related (COSR) occupational pension scheme to contract out of the State Scheme. Employees will, depending on their level of earnings, start to accrue entitlement to the new State Pension instead.
Eligibility for the contracted-out National Insurance contributions (NICs) rebate of 3.4% for employers and 1.4% for employees will also cease from this date. This will bring with it some changes in what and how you report to HMRC:
Payroll software will need to be amended. Contracted-out National Insurance tables/categories D,E,I,K,L,N,O and V will be replaced by Standard National Insurance tables/categories A,B,J,M,P,Q,R,T,Y and Z.