The Chartered Institute of Payroll Professionals
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It is recommended that anyone who holds data in these eRooms makes copies of information they need for the ongoing administration of their schemes, as they will not be able to ask for copies of this data from HMRC following the closure of the eRooms.
Rooms established for raising Guaranteed Minimum Pension (GMP) checker queries will not be affected, and there will no change to the services provided through these eRooms.
Final Data Cuts
Anyone who was appointed as administrator of a pension scheme prior to 31 July 2020 who has not received its final data cut has until 31 July 2021 to request the final data cut for their scheme.
The Customer Relationship Team should be contacted via the email address CRM.schemereconciliationservice@hmrc.gov.uk.
HMRC will only publish final data cuts for schemes that engaged with the Scheme Reconciliation Service and ceased schemes with an ongoing file in the Scheme Cessation area in April 2018.
Guaranteed Minimum Pension checker queries to HMRC
Any queries regarding the Guaranteed Minimum Pension should be sent to HMRC using the Guaranteed Minimum Pension checker.
Queries should only be submitted to HMRC if a ‘life event’ is occurring for a pension scheme member. An example of a life event could include:
Leaving a scheme
• •
Transferring from a scheme
• Reaching Guaranteed Minimum Pension payable age or payable date • Reaching State Pension age • Divorce • Death
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Nest to trial ‘opt - out’ payroll savings 2 August 2021
The workplace pension scheme, Nest, is due to trial ‘opt - out’ payroll savings, which will help employees in saving up money that can be used in emergencies.
Nest’s research arm, Nest Insight, is due to establish whether building a savings fund that employees are required to actively opt-out of will encourage more people who want to save to actually do so.
Individuals who do not opt-out will begin to save a default amount each payday into an accessible emergency savings account. They will, however, have the option of changing this amount if they wish.
Back in 2019, Nest began work on its sidecar project, which looks at collating both short and long-term savings goals. This model allows savers to split their contributions between a Nest pension and an emergency savings pot.
Employees set the rate of contributions along with a savings target, and when money is taken from their pay, any contributions that are above their auto-enrolment payments are sent to the emergency savings account. Once this emergency account is full, the amount is put towards retirement savings, and where the account is completely drained, the split recommences.
Pensions Expert reported that executive director of Nest Insight, Will Sandbrook, had said:
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