Comps delay costs to schemes

Pension scheme members are losing millions of pounds through delays in payment of National Insurance Contribution (NIC) rebates to Comps. This is the conclusion reached by Johnstone Douglas after a survey of 120 Comps schemes in which it found that only 21% of the age-related element of the NIC rebates, due from the Government, have been paid. The Government has estimated that about 500,000 employees are contracted out through these schemes, and if they all follow the same pattern, then Johnstone Douglas calculates that at 1 January 2000, more than £200m has not been paid across to them b...