Guidance

Countdown bulletin 44 - March 2019

Updated 29 March 2019

Scheme Financial Reconciliation update

In countdown bulletin 42 we gave expected dates for the Scheme Financial Reconciliation.

This countdown bulletin is to tell you about expected changes to those dates.

We advised that if your scheme is in deficit following our financial reconciliation, then we expected letters to be with you the week commencing 15 April 2019 and that we need your payment by 21 May 2019 at the latest.

In order to give Pension Scheme Administrators more time to make payment, it is now expected that letters will be with you in the week commencing 1 April 2019.

Payment still needs to be made by the original date of 21 May 2019 at the latest.

In order to issue letters sooner, we have brought forward the Scheme Financial Reconciliation run date.

This means that for schemes that have more than £1,000 deficit, we will write off debt that was raised before 4 March 2013, this is 6 years before the new run date.

We have assessed the impact of the new write-off date and can confirm that it is minor.

For schemes in surplus that have engaged with us, the refund letters are still expected to be issued week commencing 13 May 2019. The cheques will be sent to the same address as the refund letter by 21 June 2019. For more information, see countdown bulletin 42.

Read HMRC: pension schemes reconciliation services for more information.

Earlier editions of the National Insurance Services to Pension industry: countdown bulletins are available.

Read more guidance on the end of contracting-out for scheme administrators and trustees HMRC: pension schemes end of contracting-out guidance.

Contact details

For general queries about contracted-out pensions, contact the contracted-out pensions helpline.

General queries about the Scheme Reconciliation Service or Scheme Cessation should be made to the Customer Relationship Team at email: CRM.schemereconciliationservice@hmrc.gsi.gov.uk.