HMRC has published the latest update for pension scheme administrators about the ending of contracting-out in countdown bulletin 39.
This edition discusses scheme financial reconciliation, whereby all schemes will be offered the opportunity to request their financial position. Following testing, all schemes currently in scope can request their financial position as at 7 October 2018.
Schemes deemed to be ‘in scope’ are live Defined Benefit schemes and ceased Defined Benefit schemes that do not have a live file in scheme cessation. These schemes are also potentially using the optional scheme reconciliation service.
The countdown bulletin also includes details on: Contributions Equivalent Premiums (CEPs) notified by automated response; scheme cessation; and scheme reconciliation service.
