likely – the informal P800 process (the annual reconciliation HMRC perform to check whether those outside self- assessment have paid the correct amount of tax).
Anne Fairpo said: “We recognise there are cost implications to putting NPA contributors on an equal footing with those using RAS but our understanding is that this is the basis on which automatic enrolment was originally costed. Parity of treatment is not only fairer, it is what was originally intended. “We urge the Chancellor to take the opportunity to put things right for low paid pension savers as soon as possible and ideally, before the five per cent contribution increase hits in April 19. Otherwise there is a real risk that the benefits of auto enrolment will be undermined.”
The letter to the Chancellor can be read in full in LITRG’s press release
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FCA confirms final rules on improving the quality of pension transfer advice 8 October 2018
The new rules published by the Financial Conduct Authority (FCA) are aimed at improving the advice people receive when considering transferring their pension.
The Financial Conduct Authority (FCA) has published feedback and final rules and guidance from its consultation on improving the quality of pension transfer advice.
The FCA is taking forward most of the proposals put forward for consultation in March 2018, which mainly related to transfers from defined benefit (DB) to defined contribution (DC) pension schemes. This consultation proposed further changes to its rules and guidance on advising on transferring from safeguarded benefit schemes (where there is some form of guarantee or promise about the rate of secure pension income that the member will receive, or will have an option to receive).
The changes include a requirement for all pension transfer specialists to hold a specific qualification for providing advice on investments by October 2020, enabling advisers to identify whether a proposed pension scheme and
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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