Millions of savers who "contracted out" of the state pension between 1978 and 1997 will not receive statements to help them check their entitlements under new HMRC procedures.
According to the Financial Times, HM Revenue & Customs (HMRC) was due to send statements to millions of members of private and public sector schemes detailing their "contracting out" history in December 2018. However, this will no longer happen, HMRC has decided. The tax office said: "The change is being made because there have been developments in the provision of pension scheme information since we first started the changes to end contracting-out." Under the old system, to get a full state pension a person must have 30 qualifying years of work and paying national insurance (NI). How...
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