National Insurance contributions increase
Submitted by Admin on 21 April, 2016 - 12:44Dear Colleagues,
TFL PENSION FUND – CONTRACTING-OUT PROPOSALS
As a result of Government legislation Defined Benefit (Final Salary) pension schemes, such as the TfL Pension Fund, are no longer able to contract-out of the State Second Pension. As from 6th April 2016 both members and employers will see their National Insurance Contributions (NIC) increase by 1.4% and 3.4% respectively as the rebate associated to contracting-out is abolished.