Pension schemes newsletter 73 29 October 2015
HMRC has published their latest pension schemes newsletter containing updates and guidance.
Pension schemes newsletter 73 includes information on:
Scottish rate of Income Tax (SRIT) Annual allowance Registration statistics Pension Flexibility Lifetime allowance reduction – protecting pension savings
Previous editions of HMRC’s pension schemes newsletters are available on GOV.UK
Latest news from The Pensions Regulator 3 November 2015
The Pensions Regulator provides a roundup of the most recent announcements in the pensions arena.
Helping you meet new DC governance standards
Find out what you need to do to meet requirements around DC governance standards in our latest video . The standards came into force in April 2015 and every year trustees will have to describe in their chair's statement how their scheme is meeting them, so it is important that you know what to do
New trustee landscape research
New research on the trustee landscape reveals findings on the skills and knowledge of pension scheme trustees and their boards in the context of major industry reforms. This research is part of ongoing work with the industry to consider what more can be done to improve outcomes for savers and clarify duties for those running or supporting schemes.
Scam case details published
Details of our investigation into a suspected multi-million pound scam case have been published, warning savers to remain vigilant against the ongoing threat of scams.
Our determination notice details how three individual trustees, acting on third party instruction, were deemed to have misappropriated scheme funds and exercised poor trustee governance.
Independent assurance for another master trust
The National Employment Savings Trust (NEST) is the latest occupational DC master trust to obtain independent assurance.
The voluntary assurance framework was developed by the Institute of Chartered Accountants of England and Wales (ICAEW) in association with the regulator to support auditors to provide independent assurance reports for the trustees of master trusts.
In addition, NEST has been added to a list of master trust pension schemes open to employers of all sizes, and which have been independently reviewed to help to demonstrate that they are administered to a high standard.
New government consultation
The Department for Work and Pensions has launched a consultation 'Better Workplace Pensions: Banning member-borne commission in occupational pension schemes'. The consultation runs until 27 November.
The government would welcome responses from, among others, trustees and their advisers and those who provide services to occupational pension schemes.
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