There has been much comment in the press over the weekend about errors made by HMRC when making pension payments.
The headlines state that some pensioners may see a drop in their pension income by up to 50%. Although, in reality we understand that under payments may also have occurred and so that some people may be due to get an increase rather than a decrease in pensions as a result.
The errors have apparently come to light following a massive Government data checking exercise which has been ongoing since 2014. The errors appear to relate only to those who ‘contracted out’ of the state pension, although the information provided to date is far from clear.
Due to the lack of accurate information it is difficult to give any guidance other than not to panic, and if you do receive any communication from HMRC regarding your pension income seek advise from your usual pensions advisor before accepting that this is correct.
For more information please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org