As the state pension system moves to flat rate in April, National Insurance contributions will determine the level of pension received.
All perfectly normal and logical. However, there appear to be difference between the records held by HMRC and employers. As such, there is a risk that some pensioners will be over paid and others underpaid.
HMRC has claimed “no pensioners will lose out” due to faulty data supplied by their employers pension schemes.
“HMRC is offering a free reconciliation service to enable the schemes to match their records against HMRCs, based on employers’ PAYE returns. This service has been available for nearly two years and HMRC urges employers to register for it before the deadline of 5 April.Let us see how this all ends up working out!
For individuals shortly reaching their state pension age there is a fast track service to ensure they get the correct pension.”
Tax does have to be taxing.
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