Why should you use the Scheme Reconciliation Service?
24 December 2015
With only three months to the end of Contracting Out, pension scheme administrators and trustees are reminded that they have only three months left to register to use the Scheme Reconciliation Service (SRS). Registration should be complete by no later than 5 April 2016.
By not reconciling non-active members, Pension Schemes may:
- see an increase in contact from individual members
- not have the total funding to meet their GMP liability obligations
- be at risk of under or overpaying GMP’s
- not be aware of their GMP liability
Full details of Pension Scheme Reconciliation Service can be found at GOV.UK.
The bumper Christmas edition of Countdown Bulletin also goes on to provide detail on a range of topics related to the end of contracting out. As we countdown towards Christmas, we also get ever closer to the end of contracting out – are you ready?