The latest updates for pension scheme administrators about the ending of contracting-out have been published in countdown bulletin 40.
The update includes details on:
- Scheme Financial Reconciliation – in particular, the implications if you do not request your financial position
- Contributions Equivalent Premium guidance – HMRC has promised to publish guidance about the ongoing administration of contracted-out pension rights soon
- Clerical Scheme Reconciliation Service (SRS)
- SRS Stalemate Queries.
Although the contracting-out was abolished in April 2016, there has been a three-year transitional period, of which we are now reaching an end.Find out more about how pension scheme administration is affected by the ending of contracting-out, including how it affects pension entitlements, notifications and Guaranteed Minimum Pension calculations.