The FT reports that pension schemes are facing further delays to equalising contracted-out benefits, as HMRC is slow to finish a data matching exercise many schemes need before they can start the process.
In a newsletter published yesterday (May 16), HMRC said it was extending its deadline for checking pension records at schemes from March to November.
This means that defined benefit plans still waiting for information on their members' guaranteed minimum pensions will only receive this by November.
Steve Webb, director of policy at Royal London, said:
"Whilst it is welcome that deadlines for resolving GMP issues have been extended it is truly astonishing that HMRC stubbornly refused to accept that there was a problem until May 2019.
The whole episode has been a shambles. This will create an even longer period of limbo for DB schemes already wrestling with how to implement GMP equalisation."
HMRC rarely apologises or admits fault!
Tax does have to be taxing.
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