The Association of British Insurers (ABI) has launched an assault in a bid to prevent Insurers from having to paick up the costs for the numerous Inland Revenue blunders on National Insurance Rebate Contributions to pensions.
In simple terms, the system installed by the Revenue has made numerous mistakes with incorrect and delayed payments into pension schemes and the ABI believe that Insurers should not be burdened with picking up the costs for putting it right e.g. missed investment growth, additional administration burdens etc.
Our view
We whole heartedly support the ABI's stance. Ultimately, if compensation is not sought and obtained from the Inland Revenue, then it is the public who will end up paying by either losing out or paying higher charges.
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