In a first for the Revenue, they have pledged that policyholders will not lose out because they double rebated contracted out SERPS policies.
The Revenue double paid SERPS rebates by mistake to thousands of policyholders and then clawed back the duplicated amount.
Due to the state of the stock markets and the falls suffered, policy holders will lose out. This is because rebates paid in will have fallen in line with the markets but the Inland Revenue clawed back the over paid amount, leaving a shortfall.
Even though the Inland Revenue have said that no one will lose out, the overpayment relates to thousands of people and it is going to take a lot of work, on individual cases, to see what losses need to be made up.
Nice gesture though!