The HMRC has published the June issue of the Countdown Bulletin. This issue explores some workings of the free services offered by HMRC in relation to the abolition of contracting-out in April 2016.
This bulletin makes it clear that, if schemes fail to register with HMRC by 5 April 2016 for the Scheme Reconciliation service, they will not be able to reconcile their data against HMRC data.
HMRC has no plans to extend the deadline for queries from December 2018.
Schemes with contracted out DB benefits are advised to reconcile their benefits with HMRC. Failure to do so could lead to difficulties with future de-risking exercises or member disputes – particularly where members receive incorrect benefits from the scheme or incorrect state pension payments.
The bulletin also refers to the new entitlement for over 55s to request a personalised state pension statement and a GMP micro service which is planned to go live in April 2016.