Countdown Bulletin 50 - December 2019
Published 9 January 2020
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Revised proposed solution for automatically allocating payments
HMRC has reviewed the proposed solution for automatically allocating payments received from pension schemes for individual members of their scheme.
A number of pension schemes have made part payments against the debt HMRC had previously told them of. HMRC cannot identify the individual scheme members the part payments were made for.
Throughout the Scheme Reconciliation Service HMRC has progressed queries to protect the interests of the individual and their pension entitlement.
To allow us to continue to give the same level of service and protect the interests of the individual we have decided to take advice from Pension Scheme Administrators who will now have the responsibility for identifying the individual members they want the part payment allocated to.
If you administer a scheme that has either not paid or paid in full you may want to reconsider that decision. If you decide to part pay you will need to tell HMRC about the part payment amount and the individual members you want the part payment allocated to.
HMRC will be publishing details shortly on the process all schemes will need to follow. This additional action will impact on the original timeline HMRC published for the issue of the final data cuts. A revised data cut timeline will be published when the allocation timeline is understood.
Useful links
Read HMRC: pension schemes reconciliation services for more information.
Earlier editions of the National Insurance Services to Pension industry: countdown bulletins are also available.
Contact details
For general queries about contracted-out pensions phone: 0300 200 3507.
You should continue to deal with your usual contracted-out pensions contact for your day to day enquiries.
General queries about the Scheme Reconciliation Service should be made to the Customer Relationship Team at email: CRM.schemereconciliationservice@hmrc.gov.uk.