It has recently been discovered that the Inland Revenue has made duplicate payments of contracted out National Insurance age related rebates due to duplicated information. Because payments have been duplicated, any pensions that were considered as under funded, will now be even more so. Full details of the seriousness of the situation are not yet available but should be released soon.
According to the Inland Revenue, they have located all people and schemes affected and have recovered the amounts necessary. However, there are still questions regarding people that have died or transferred their funds to other pensions as claiming back the overpayment could be difficult.
The duplicated payments are in respect of the tax years 1997/98, 1998/1999, 1999/2000 and 2000/01.