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Treasury announces public sector contracted-out reconcilation requirements PDF Print E-mail
Monday, 07 March 2016

According to documentation seen by Equiniti, who are currently managing contracted-out reconciliation programmes for over a third of the UK’s contracted-out membership, the Treasury is recommending that all public sector pension schemes, including the Local Government Pension Scheme (LGPS), undertake a comprehensive reconciliation to ensure that contracted-out records are correct.


However, Equiniti warns that schemes only have until April 5 to join the HMRC Scheme Reconciliation Service (SRS); failure to sign up may mean that schemes are unable to obtain the data needed to perform the reconciliation exercise.

Contracted-out reconciliation is necessary because of the introduction of the single-tier pension, announced by the government on 18 March 2013. The reconciliation exercise will be the single biggest universal data audit to impact all public sector schemes.

While the Treasury has not made it compulsory, it has made it very clear that any Local Government Pension Scheme ‘sets out the reasons behind the decision’ should it opt to not follow the guidelines.

Duncan Watson, pension actuary and director, Equiniti Pension Solutions: “Public sector pension schemes, including the LGPS, now have clear guidance on what is expected. However, for many they must now act very quickly or they will miss the deadline for HMRC support. Once they have registered with HMRC and received their scheme’s data, they must carry out a detailed analysis in order to determine the amount of resource that the reconciliation phase will require. This will be a significant strain on schemes, at a time when most administering authorities are struggling to do more with less resource.”
 
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