These bulletins provide important updates for pension scheme administrators to enable them to make sure all individual’s contracted out pension rights are secured correctly.
Countdown bulletin 33 includes updates on:
• Multiple periods automated solution • Phase 6 of SRS automation • Scheme cessation reminders • Refund for SRS queries
Previous editions of the Countdown Bulletin are also available on GOV.UK.
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Pensions annual allowance calculator 20 April 2018
Due to an issue with the pensions annual allowance calculator, HMRC has temporarily removed access to it.
HMRC has informed us that following the addition of the 2018 to 2019 tax year, the pensions annual allowance calculator isn’t working as it should in some cases. Because this isn’t in line with the level of service that HMRC is committed to provide and to make sure customers get the right results from the calculator in future, HMRC has temporarily removed access to the calculator until it has updated it.
HMRC apologise for any inconvenience caused by this.
Pension scheme members can find general guidance on annual allowance at Tax on your private pension contributions: Annual allowance - GOV.UK.
More detailed guidance can be found in the Pensions Tax Manual available on GOV.UK. This will help scheme members to work out whether they’ve exceeded their available annual allowance and whether they’ll incur a tax charge.
HMRC is working to update the annual allowance calculator and will update us on progress in the Pension schemes newsletters - GOV.UK.
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‘Pot follows member’ put on the backburner again 19 April 2018
Pensions Minister, Guy Opperman has said that it is not the right time to introduce a system of automatic pension transfers for individuals who have multiple jobs during their working life.
In October 2017 the Pensions Minister suggested that the Department for Work and Pensions (DWP) was looking at ‘Pot follows member’ as part of its review of automatic enrolment.
In October 2015, the then Pensions Minister, Ros Altmann, announced that the government had scrapped plans to roll out an automatic transfer system for small pension pots. If it had come to fruition it would have seen pension pots of less than £10,000 automatically moved to an employee’s new pension scheme when they changed jobs. A parliamentary written question was recently asked by Royston Smith, MP (Southampton, Itchen), about what assessment has been made of the potential merits of a system of automatic transfers for individuals who have multiple jobs during their working life.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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