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State Scheme Premium Payments (SSPs)
In Countdown Bulletin 24 we advised that if you pay your SSPs via the Bank Automated Clearing Service (BACS), then you could submit the breakdown of your payment via the firstname.lastname@example.org.
You can now submit all payment breakdown details to this e-mail address whatever payment method is used. For example BACS, cheque or Paymaster General’s Office transfer.
Please note that payments can’t be allocated to individual members within your scheme financial account until you provide the breakdown even if the payment is only for one member.
Until payments are allocated to individual members they can’t be used to settle individual SSP bills.
If you pay by cheque, you must also make sure you provide your scheme contracting-out number along with your cheque to make sure the payment is allocated to your scheme financial account.
Scheme Reconciliation Service (SRS) – late expressions of interest
In Countdown Bulletin 19 we told you that HM Revenue and Customs (HMRC) will no longer accept late expressions of interest to register for SRS. Since then we’ve monitored the position and in exceptional circumstances we’ll now accept late expressions of interest.
Any request should be sent to the SRS Customer Relationship Manager at CRM.email@example.com, who will:
- carefully consider the request
- advise the Pension Scheme Administrator of the outcome and tell them what they need to do next
Scheme Reconciliation re-run requests
Any request for a re-run of SRS data should be sent to the SRS Customer Relationship Manager at CRM.firstname.lastname@example.org
Important: If you request a re- run of your SRS data, after February 2017, your active members will also be included on the output. These will be shown as a type 1-5.
Guaranteed Minimum Pension (GMP) calculations
GMP calculations from the GMP checker may differ to the calculations you receive following a request for re-runs of your SRS data.
State pension calculations from the Department for Work and Pensions only calculate the GMP position at 5 April 2016 for comparing new and old state pensions. For schemes with active members at 5 April 2016, the GMP will be revalued from the date the member leaves pensionable service, not when contracting out ceased.
GMP calculations requested via the checker are in line with the state pension legislative changes from 6 April 2016. Contracting-out ended on 5 April 2016 but the checker will still use the date the member actually leaves the scheme as the date of leaving for GMP calculations.
- the GMP checker calculations at state pension age (SPa) or date of death are correct
- HMRC are only reconciling the position at 5 April 2016
- if a member has reached SPa or died after 5 April 2016 HMRC will reconcile the date of leaving calculation and treat them as a SRS type 1 Early Leaver
Please read HMRC: pension schemes reconciliation services for more information.
There are also earlier editions of the National Insurance Services to Pensions Industry: countdown bulletins available.
For general queries about contracted-out pensions please contact the helpline on Telephone: 0300 200 3507.
Please continue to deal with your usual contracted-out pensions contact for your day to day enquiries.
General queries about SRS should be made to the Customer Relationship Team: email@example.com.