Countdown bulletin 17
24 May 2016
The National Insurance Services to Pensions Industry (NISPI) has published their latest countdown bulletin which provides information about the ending of Contracting-out.
Issue 17 of the Countdown bulletin has a number of updates, including:
Schemes Ceasing to Contract-out
As advised in Countdown Bulletin 14, Schemes that cease to contract-out prior to 6 April 2016 need to notify HMRC of the event. Recent CRM contact with scheme administrators has highlighted that a number of schemes have ceased but HMRC has not been informed.
To help HMRC with their planning, it would be really useful to notify them of these cessations as soon as possible by completing form APSS155A and sending it to:
- HMRC - Pension Schemes Services,Fitzroy House, Castle Meadow Road, Nottingham, NG2 1BD.
In recent Countdown Bulletins and at the Pension Conference held last year, NISPI advised that they were looking at ways to improve the Scheme Cessation process in readiness for December 2018.
Once a scheme has reconciled their membership via the Scheme Cessation process, HMRC will request Method of Preservations (MOP’s) for all members. Where the scheme fails to notify HMRC of the MOP’s within 6 weeks then they will record a MOP of “preserved in scheme” and close the file.
Possible Pension Forums in September
NISPI is currently considering whether to hold more Pension Forums in September. They would like to discuss the ‘Closure scan’ which is due to take place in December. The scan will close off open periods of Contracting-out using the Scheme Contracted-out Number that has been provided by employers on their Full Payment Submissions during 2014 to 2015 and 2015 to 2016.
However before arrangements are finalised they would like to know what else you want to discuss at these forums. This is your opportunity to inform the agenda so please send your thoughts on topics to Pension Forums.
Other subjects covered in issue 17 of the Countdown bulletin include the Guaranteed Minimum Pension (GMP) Checker, GMP Increments, the Scheme Reconciliation Service (SRS) and a DWP update.