HMRC Countdown Bulletin : October 2019
07 October 2019
Edition 49 of the Countdown Bulletin has recently been published and focuses on guidance surrounding the end of contracting out in relation to pensions and the role that HMRC will play in facilitating this.
The Countdown Bulletins provide important guidance and updates to pension scheme administrators about the end of contracting-out. Although contracting-out came to an end in April 2016, schemes are still submitting termination and transfer notices with end dates on or after 6 April 2016.
The National Insurance Services to Pensions Industry (NISPI) countdown bulletins provide additional guidance for pension scheme administrators to enable them to make sure all individuals contracted out pension rights are secured correctly.
The Bulletin covers the following areas of interest:
- Final SRS Outputs
- Scheme Contracted Out Numbers (SCONs)
- Incorrect GMP
- Contribution Equivalent Premiums (CEP)
- Raising queries with HMRC
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