Axa Sun Life have released figures that 80% of Independent Financial Advisers (IFA) questioned support their stance that the Government should increase the amount of NI rebate incentive that is paid into pension schemes to make the decision on contracting out more viable.
Our view
We support AXA's stance. The Government have their heads in the sand if they believe that people will contract out and redirect part of their National Insurance contributions into their own private pension pot on projected terms worse than if they had left their second tier pension (State Second Pension) with the Government. What is Contracting Out? Visit our new State Pensions Centre in the Pensions Adviser.com.