“Tens of thousands” of pension scheme members are being asked to return overpayments of pensions, PTL's Alison Bostock looks at the truth behind the headlines.
I was somewhat surprised recently to see an article about GMP reconciliation on the front page of the Daily Telegraph. They didn’t actually use that term but the message was clear – “tens of thousands” of pension scheme members are being asked to return over-payments of pensions arising from errors made over many years, following a trawl of records by HMRC. It was also noted that some people would be receiving back-payments, but “without any interest or compensation”. Headline grabbing stuff for an obscure area of pensions administration.