Andrew Warwick-Thompson, Executive Director for Regulatory Policy, said: “We do not underestimate the increasingly important role technology is playing in the way pension schemes are administered and delivered, and the way members are keeping track of their savings, particularly in light of pension freedoms. “As a regulator, we are determined to fully embrace the benefits technology will bring in areas such as communication, access to the data we publish and online interactive tools, while ensuring schemes are alive to the threat of cyber security. “Our Innovation Plan opens a debate with industry on how we can do more to integrate technology into the way we educate and enable the regulated community and explore new ideas such as a pensions dashboard for savers. I urge schemes to take part in the consultation.” This consultation will be of interest to anyone involved in the administration of pension schemes, pension providers and payroll and ‘middleware’ providers. TPR would however welcome comments from anyone involved in the pensions industry, or wider regulated community of employers. Given the short timescale for responses - 12 February 2016 - the policy team will not be surveying members directly however if you have any comments that you would like us to feed in to this consultation please email the policy team . Alternatively you can submit them directly to the Pensions Regulator by email or by post and full details can be found on page 3 of the consultation paper . On 10 July 2015, the government launched its plan to raise UK productivity Part of this plan is to look at how the UK regulatory framework is set up to support innovation and disruptive business models. Departments have been asked to work with regulators to consult on and publish innovation plans by spring 2016. These plans will specifically set out the following: An assessment of how new technology is likely to shape the sectors being regulated. How legislation and enforcement frameworks could adapt to new technologies and disruptive business models to encourage growth. Actions for how regulators could better utilise new technologies to generate efficiency savings and reduce burdens on business. Background
Pensions tapered annual allowance 15 February 2016
Draft legislation has been published on changes to information requirements for pension scheme administrators following the introduction of the pensions tapered annual allowance from April 2016.
Draft legislation: the Registered Pension Scheme (provision of information) (amendment) Regulations 2016
HMRC has published draft regulations and a draft explanatory memorandum for a technical consultation. The draft regulations make changes to the information requirements for scheme administrators of a registered pension scheme in consequence of the introduction of a tapered reduction in the amount of the annual allowance for individuals with income of over £150,000 from 6 April 2016. Background It was announced in the Summer Budget 2015 that the government will restrict the benefits of pensions tax relief for those with incomes (including their own and employer’s pension contributions) above £150,000 by tapering away their Annual Allowance to a minimum of £10,000. The Annual Allowance, which is set at £40,000, is the limit on the amount of tax relieved pension saving that can be made by an individual or their employer each year. This policy will come into effect from April 2016. For every £2 of adjusted income over £150,000, an individual’s Annual Allowance will be reduced by £1, down to a minimum of £10,000. To ensure this measure is focussed on the higher and additional rate tax payers who currently gain the most benefit from pensions tax relief, those with income (excluding pension contributions) below a £110,000 threshold will not be subject to a Tapered Annual Allowance.
Court decision changes pension members' rights to a transfer 25 February 2016
CIPP Policy News Journal
25/04/2016, Page 383 of 453
Made with FlippingBook - Online magazine maker