The biggest change in pension administration (ever?) is upon us. In 2016 contracting out will cease, arguably creating the biggest pension administration challenge in the UK for many years, if not ever.
Over 4,000 contracted-out schemes, covering over 20 million members have, just two years (starting now) to reconcile their member GMP values with those held by HMRC. In 2016 HMRC will cease to provide a scheme reconciliation service and in 2018, HMRC will write to all contracted out members notifying their GMP entitlement. Reconciled or not!
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