Of interest to schemes which are contracted-out on a final salary basis is HMRC’s website on GMP reconciliation, details of which are available below.
In our update for July 2014, we noted the publication of the second edition of HMRC’s Countdown Bulletin relating to the abolition of DB contracting-out in April 2016, in which HMRC reported on the progress of its GMP reconciliation service and stated that it was considering providing member contributions and earnings information directly to schemes.
On 31 July 2014, HMRC announced that it is starting to deal with queries generated from the records shared with pension schemes and as such, it suggests that administrators who wish to use the service do so “as soon as possible” so it can plan its future resources.
For those schemes that have already opted to use the service and have received the data they asked for, HMRC will approach the scheme's administrators in due course to confirm the anticipated time frame for raising queries.
View HMRC’s webpage on its reconciliation service.