Scheme Reconciliation Service for contracted-out pension schemes
12 May 2014
HMRC has published an update on the new Scheme Reconciliation Service including the provision of data, contributions/earnings information and the process for raising queries.
On the 16 December 2013 HMRC issued a 'What's New' message telling you about the introduction of the new Scheme Reconciliation Service for contracted-out pension schemes and launched the on-line request form.
This message is to provide an update on the current position in relation to the new service.
Provision of data
HMRC started to contact pension scheme administrators who have completed a request form on 28 April to discuss:
- what action you need to take to enable you to receive the data via Shared Workspace
- when you require the data
- when you expect to be in a position to review the data provided
- when you expect to start generating queries to HMRC in relation to the data provided.
HMRC appreciate that you may need to discuss with your trustees the approach to queries for each scheme, however you need to tell HMRC when you expect to start generating queries, so that they can plan resources effectively.
Provision of contributions/earnings information
HMRC told you on their scheme reconciliation web page that for schemes intending to carry out Guaranteed Minimum Pension (GMP) reconciliation the option to receive contribution and earnings information for the identified members is also available. HMRC can now confirm that this information will be provided using the existing Contracted-Out Contributions/Earnings Information Service (COCIS). However, your request for earnings information and HMRCs response will be managed via your Shared Workspace e-room.
A process for raising queries which are generated following the provision of the Scheme Reconciliation data has now been developed. Your Shared Workspace Scheme Reconciliation e-Room will contain a query template which you can use to raise individual or bulk membership queries. HMRC will then investigate your query and provide a reply via your Shared Workspace e-Room.