If, in both of the above examples, the employer’s contribution is also 1%, then another £10.00 would be paid by the employer to make a total of £20.00 paid into their pot.
Most pension providers only support one of these methods – so you should find out which one needs to be used.
Consultation on pensions tax relief
The government is consulting on whether there is a case for reforming pensions tax relief to strengthen incentives to save and offer savers greater simplicity and transparency, or whether it would be best to keep with the current system.
The Policy Team will be issuing a survey shortly so please do take the time to give your views.
Pensions Tax Relief: implementation survey 9 September 2015
In addition to the current consultation on pensions tax relief, HM Treasury is interested to hear from payroll professionals in regard to what impact the implementation of an alternative system may have. Please take 5 minutes to complete our short survey .
This is a separate piece of research to the actual consultation on pensions tax relief and if you haven’t yet shared your views on the consultation, there is still time. Links to both surveys below.
HMT pensions tax relief implementation survey - approximate completion time 5 minutes – closes 23 September. Pensions tax relief survey - approximate completion time 20 minutes – closes 14 September.
Up to date details of all consultations and associated surveys and responses can be found under Membership/My CIPP/ Policy Think Tank on the CIPP website.
DB pension schemes: Assessing and monitoring the employer covenant 7 September 2015
The Pensions Regulator has published new guidance on the employer covenant, the legal obligation and financial ability of an employer to support their defined benefit (DB) pension scheme.
The guidance is aimed at trustees of DB occupational pension schemes and their advisers, but will also be of interest to the employers of these schemes and their advisers.
It provides practical guidance on how to assess the employer covenant of a DB pension scheme as part of an integrated approach to managing scheme risks and to monitor the covenant and take action to improve scheme security
To emphasise the key points the Pensions Regulator has also created a series of simple pull-outs, checklists and case examples, which are all available alongside the full guidance on their website .
DC pension schemes: Governance standards and charge controls 7 September 2015
Changes to the law from 6 April 2015 mean that many occupational defined contribution pension schemes offering money purchase benefits will have to meet new requirements.
The key points to the changes are to:
CIPP Policy News Journal
25/04/2016, Page 369 of 453
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