24-05-2019

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.


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