Guidance

Preston guidance: September 2024

Preston factors (earnings and interest factors) are provided for employers.

• From: HM Treasury
• Published: 4 October 2024

Documents

Preston Model Annex: September 2024

MS Excel Spreadsheet, 89.6 KB

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Employee NICs rebate: September 2024

MS Excel Spreadsheet, 52.2 KB

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Details

Following the European Court of Justice and House of Lords’ rulings in 2000/2001 in favour of part-timers gaining retrospective access to occupational pension schemes, provided they meet the necessary legal requirements, the Preston factors (earnings and interest factors) are provided for employers.

The factors are used to provide those entitled to reinstatement an opportunity to gain pension service at an actuarially fair cost, which as far as possible makes these individuals no better and no worse off than if they had paid contributions to the scheme when they were originally employed.

Published 4 October 2024