I agree We use cookies on this website to help us provide the best user experience. By browsing this site you agree to their use - more information is available here.

Barnett Waddingham
0333 11 11 222

RIP contracting-out: gone but not forgotten

Published by Chris Tagg on

Chinese New Year, the Budget, the Six Nations, Easter and the Cricket T20 World Cup have all come and gone already in 2016.  Something else that’s been with us for a long time has also finished . . . rest in peace contracting-out.

You’ve certainly made our lives interesting over the last 38 years, whether it be understanding SERPS or S2P, working out the reference scheme test or knowing the difference between a pre-88 GMP, a post-88 GMP or section 92b rights, but your days of adding complexity to the pensions landscape are at an end.

There’s no time to mourn you, though.  It’s time now to focus our energy on dealing with millions of contracted-out records and reconciling the differences in data held by schemes and HMRC.  And to consider what pension provision should look like in the future and how much it will cost both individuals and employers.

I’m not sure there’ll be anything like you again, but your legacy will be with us for some time to come.

GMP Reconciliation

Our dedicated team have significant experience and in-depth knowledge of the GMP reconciliation process

RSS Logo  Subscribe to RSS feed

About the author

  • Chris Tagg

    Chris is an experienced administrator and client manager for occupational pension schemes.

    View Biography

Updates delivered to you

Stay ahead with our latest comment, expert insight and event details.