Pension scheme buyouts and buy-ins
This practice note examines pension scheme buyouts and buy-ins and considers key issues for employers and trustees in full and partial buyouts, buy-ins and other deferred liability mitigation exercises. The note also includes a summary of statutory restrictions on buying out accrued contracted-out rights that continue to apply despite the abolition of salary-related contracting-out on 6 April 2016. Note that the Insurance Act 2015 came into force on 12 August 2016. The Act makes changes to insurance law relevant to pension scheme buyouts and buy-ins. For links to other Practical Law resources relating to the Act, see Legal update, Insurance Act 2015: New and revised materials on insurance contract law.