Nick Hayns writes for The Fresh Outlook
What is less welcome, however, is the mooted idea that people will no longer be able to contract out. No longer will people be able to say ‘thanks but no thanks’ and have their national insurance effectively paid into their occupational scheme (sadly contracting out on a personal basis is already being abolished). Such a move will see the government take on even further future pension liabilities – as it will be liable to provide a full state pension for everyone – and the government will, no doubt, spend the national insurance contributions that it presently has to refund to other pension schemes on current expenditure.
Read the rest of the article at The Fresh Outlook.