Now that contracting out has ended, all schemes will need to reconcile their GMPs with those held on HMRC’s records by December 2018.
From this date Scheme Reconciliation at HMRC resource will be drastically reduced, so it is being seen by the industry as a backstop for all reconciliation activity.
We have significant experience in helping trustees with GMP reconciliation exercises. We are able to help schemes with these projects as well as offering advice and assistance to in-house administration teams who are looking for professional support in a specialist area.
Some common questions we are asked
What is a GMP reconciliation?
GMP reconciliation is a project to ensure that the GMP liability on the scheme records agrees with that held by HMRC.
How long does a GMP reconciliation take to complete?
A GMP reconciliation project can be complex and take a significant amount of time to complete, typically in excess of 12 months.
How much work is involved?
The work required for a GMP reconciliation is difficult to predict as it depends on the nature and quantity of any discrepancies. A better idea of the work involved can be ascertained once an analysis of the initial information from HMRC is undertaken.
What will it cost?
This will vary significantly from scheme to scheme. We will work with trustees to establish their schemes starting position for any reconciliation via a ‘State of Play’ report. Using this information we will help trustees identify the amount of work required to undertake the reconciliation taking into consideration their attitude towards cost and risk along with their tolerance for accepting variances in scheme and HMRC records.