View more on these topics

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.”



Old Mutual compensates couple after ‘misleading’ online information

Old Mutual Wealth must compensate a couple after showing incorrect information on its website that led them to believe they could not move their money out of certain under-performing funds. The couple, Mr and Mrs F, made a complaint to the Financial Ombudsman Service about Old Mutual Wealth Life Assurance saying its website wrongly claimed […]

FCA’s DB transfer work widened amid outsourcing concerns

The FCA will broaden its work on defined benefit transfers as it highlights particular concern with “commoditised, industrialised” processes between advisers and specialist transfer firms. Speaking at the Personal Investment Management and Financial Advice conference in London today, FCA supervision, investment wholesale and specialists division executive director Megan Butler said the root cause of a […]

Get your New Year off to a flying start

Ross Jackson, Senior Marketing Manager There’s no denying that these days we expect things quickly. You might have noticed it first-hand during the flurry and rush of the Christmas period. The fact is that in a world of smartphones, social media and click and collect, most clients expect to get an instant response and a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment