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HMRC backtracks on plans to send statements to contracted out pensioners

Pension-pot-700.jpgHM Revenue and Customs has decided it will not be sending statements to workers who contracted out of the state second pension.

The tax authority was due send out the notices so that private and public sector scheme members who contracted out between 1978 and 1997 would be able to confirm their entitlements were correct, according to the Financial Times.

Last year, a date of 2018 was set by HMRC to send contracting out histories to individuals after discussing data collection with schemes, but it has backtracked this week.

Those who contracted out may be entitled to less future state pension because they contributed less through national insurance.

Barnett Waddingham senior consultant Malcolm McLean told the paper: “There has to be a question mark over whether not sending these letters is the right thing to do. It is important for individuals to know what their contracting out records are and how the deduction, from their state pension, has been made.”

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