Relief at Source
4b. National Insurance number statements We are aware that some schemes may be accepting statements from members who have a national insurance number but who have not provided this to the scheme administrator. Under Reg 4(2), The Registered Pension Schemes (Relief at Source) Regulations 2005 - SI 2005/3348 it states that when members join a scheme and before they make their first RAS contribution they, or a representative will have to provide the scheme administrator with some basic personal information such as full name, permanent residential address (including postcode if resident in the UK), date of birth and National Insurance number. If the member does not have a National Insurance number, they can provide a statement giving reasons why they do not hold such a number, for example because they are under the age of 16 or a citizen of a country outside the United Kingdom who is not resident in the United Kingdom. A pension scheme should not accept contributions as relievable contributions without the relevant declarations/statements as set out above and a member has no entitlement to relief at source. If a scheme makes relief at source claims for members in these circumstances, HMRC is entitled to ask for the relief at source to be repaid.
If a member doesn’t know if they have a National Insurance number or has lost their National Insurance number, they can find more information about how to trace this on GOV.UK - Find a lost National Insurance number .
The Newsletter also includes information on:
Tax vouchers submitted with R63N claims Pensions Tax Manual Pension liberation Certificates of residence
Pension flexibility – tax on payments to scheme members, reporting and quantifying flexi-access payments on RTI, tax free payments - 25% tax free on UFPLS retraction, tax free payments – death benefit lump sums. application of revised tax codes, pension flexibility - new tax repayment claim forms.
Pension liberation newsletter 2 June 2015
HMRC has published a pension liberation newsletter detailing what they are doing to tackle pension liberation and pension scammers.
This newsletter is published by HMRC’s Pension Schemes Services to update stakeholders on the latest news for pension schemes.
Pension liberation and pension scams continue to put pension savings at risk, with promoters using sophisticated liberation models to encourage taxpayers to access their pension savings early or transfer their hard-earned savings into scam pension schemes with little or no return on their investment. HMRC continues to work to tackle pension liberation and pension scammers.
Annual funding statement for DB schemes 3 June 2015
The Pensions Regulator has published their 2015 annual funding statement for Defined Benefit (DB) schemes and also important guidance on managing requests for transfers to Defined Contribution (DC) schemes.
The 2015 annual funding statement for defined benefit (DB) schemes draws on their analysis of current market conditions and sets out key messages for schemes with 2015 valuations.
The statement acknowledges that many schemes with 2015 valuations are likely to have higher than expected funding deficits as a result of significant falls in gilt yields and outlines how trustees and employers in different circumstances can agree funding plans that protect members' benefits without undermining employer growth
CIPP Policy News Journal
25/04/2016, Page 363 of 453
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