“Scams and poor pension transfer advice present challenges to consumers, regulators and the sector” said the FCA. So, it plans to set up a programme to understand and better identify the specific types of fraud and how they can be stopped, while continuing to raise awareness through its ScamSmart campaign. There will be more focus on effective data analysis to identify issues in the sector and to try to reduce pension scams and fraudulent activity.
As part of this joint venture they also plan to prioritise the supervision of defined benefit and DC transfer advice and maintain its current action on improving pension transfers, as well as working on the pension dashboard.
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Pension schemes newsletter 109 – April 2019 2 May 2019
This newsletter is published by HMRC’s Pension Schemes Services to update stakeholders on the latest news for pension schemes.
The newsletter reiterates information about relief at source for Scottish taxpayers:
For 2019 to 2020, if you’re the administrator of a pension scheme using the relief at source mechanism, you’ll continue to claim tax relief at the rate of 20% for members who are Scottish taxpayers.
For pension scheme members who are Scottish taxpayers liable to Income Tax at no more than the Scottish starter rate of 19%, or who pay no tax, you should continue to claim relief at 20% in respect of these individuals, and HMRC will not recover the difference between the Scottish starter and Scottish basic rate. Pension scheme members who are Scottish taxpayers liable to Income Tax at the Scottish intermediate rate of 21% are entitled to claim the additional 1% relief due on some or all of their contributions above the 20% tax relief paid to their scheme administrators. HMRC will not be able to put this directly into your scheme on behalf of your members but will adjust their tax code so that they get this tax relief through their pay. Pension scheme members liable to Income Tax at the Scottish intermediate rate can claim the additional relief for 2019 to 2020 through their Self Assessment return or, if they do not already complete Self Assessment returns, by contacting HMRC.
Pension schemes newsletter 109 also contains articles on:
pension flexibility statistics
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registration statistics
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Managing Pension Schemes service
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pension scheme returns
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overseas transfer charge - regulations
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• Master Trusts authorisation of existing schemes • updates to the recognised overseas pension schemes notifications (ROPS) list
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Pension schemes warned to comply with law on chair's statements 7 May 2019
The Pensions Regulator (TPR) has warned that trustees must produce a chair's statement which is compliant with the law, after fines against two schemes were upheld in court.
In two separate cases, trustees failed to include the required information in their annual statement and were issued fines by TPR. Trustees appealed the decisions to the First-Tier Tribunal.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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