Countdown Bulletin 53 - May 2020
Published 28 May 2020
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Final data cuts
HMRC has assessed the processes to be completed to allow the issue of the final data cuts and we now plan to complete the issue of the data cuts by the end of July 2020. This timeline is dependent on changing departmental priorities and any changes to this date will be communicated as soon as possible through the issue of another Countdown Bulletin.
If there is no delay to this timeline and your scheme has not received its final data cut by the end of July, you should contact the Customer Relationship Team by email: CRM.schemereconciliationservice@hmrc.gov.uk.
HMRC will only publish final data cuts for schemes that engaged with the Scheme Reconciliation Service or have been reconciled as part of the Scheme Cessation process.
Guaranteed Minimum Pension (GMP)
We are aware of issues raised by pension scheme administrators, where differences have been noted between GMP amounts provided on final data cuts and GMP output by the online GMP checker service.
We have analysed a range of sample cases submitted to us and we can see instances where GMP information differs. GMP data provided in your final data cut is a ‘lift’ of GMP held at a point in time, whereas the online GMP Checker service provides a real time GMP amount calculated at the point of request.
We can confirm the online GMP checker service is accurately providing GMP figures, these figures will be specific to the date you select the GMP to be calculated.
When you receive your final data cuts we advise that you check the GMP amounts provided against your own records. Where you cannot agree the GMP amount provided in your data cut you should use the online GMP checker service. If you cannot agree the GMP output from the online checker this can be queried with HMRC at a life event by submitting a query using the template in your Live Schemes Shared Workspace eRoom.
Useful links
Check earlier editions of the countdown bulletins for pension scheme administrators.
Read guidance about the end of contracting-out for scheme administrators and trustees.
Contact details
General queries about the Scheme Reconciliation Service should be made to the Customer Relationship Team at email: CRM.schemereconciliationservice@hmrc.gov.uk.