Business News

HMRC Abandons Contracted-Out Statements

HMRC has abandoned its plan to send out letters from December 2018, which were intended to update savers on the status of their contracted-out state pension.

The revenue previously intended to write to individuals who had been contracted-out of their state pension between 1978 and 1997.

Data on the contracting-out record determines savers’ final state pension entitlement under the old two-tier system, which was replaced by the flat-rate system in April 2016.

HMRC said these details are available in its Check your State Pension service, which includes a full history of all national insurance contributions for each financial year.

In its latest countdown bulletin, HMRC said:

“This change is being made because there have been developments in the provision of pension scheme information since we first started the changes to end contracting-out.”

For any help or advice with financial planning talk to RPD

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