The latest Countdown Bulletin for pension scheme administrators about the ending of contracting-out has been published.
HMRC announced in the Bulletin that it is extending Phase 7 Automation and Scheme Financial Reconciliation in response to concerns raised across the Pensions Industry. During the extended period the following automated exercises will be re-run:
- Not In Scheme – Contributions Equivalent Premium (NIS CEP)
- CEP Debit
- Scheme Financial Allocations
- CEP Enforcement
- Billing
- Refunds
HMRC will also be running exercises which have been deferred from the original Phase 7 plan, these are:
- SFR Enforcement
- Final Scheme Membership Data Output.
Further details about what the extension means for pension scheme administrators can be found in the Bulletin.
