The latest pension schemes newsletter from HMRC includes a reminder to administrators that the deadline for submitting the 2018-19 annual return of information is 5 July 2019.
If the annual return is not submitted on time it will hold up interim claims for the tax month ending 5 July 2019 and any subsequent months until the annual return of information is received.
This newsletter is published by HMRC Pension Schemes Services to update stakeholders on the latest news for pension schemes. Pension Schemes Newsletter 111 has articles on:
Relief at source
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Master Trusts supervision
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Managing Pension Schemes service
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• Guaranteed Minimum Pension (GMP) equalisation - HMRC working group • Telling HMRC about pension tax charges on the SA100 tax return • Appendix 1 - guidance on receiving your Notification of Residency Status Report
Pension schemes newsletter 111 – June 2019
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The Pensions Regulator - Corporate Plan 2019 - 2022 27 June 2019
TPR has published its Corporate Plan for the next three years which includes its priorities amid a time of continuing change both in the pensions landscape and in the way the Regulator is working.
The final increase in automatic enrolment (AE) contributions to 8%, the authorisation of master trusts, and the Department for Work and Pensions (DWP) ongoing work resulting from the defined benefit (DB) white paper all create new and diverse challenges for pension schemes, employers and The Pensions Regulator (TPR). In developing the Corporate Plan TPR has considered the core regulatory risks that pose a significant threat to the achievement of its regulatory outcomes. These are: • A failure or unmanaged exit of a trust-based scheme, providers or regulated entities. • Excessive numbers of individuals deciding to opt out or stop saving into pensions. • DB schemes not being funded to a level to assure that future member benefits will be paid in full. • Employers being required to fund pension scheme deficits at the expense of investing in the growth of their business. • Pension schemes or their members becoming victims of fraud. • Poor governance or trustee decision-making resulting in poor member outcomes or loss of benefits. • Poor administration resulting in poor member outcomes or loss of benefits. • Employers seeking to avoid their responsibilities to the pension scheme. • Savers suffering a loss due to making poor decisions about their pension funds because they were misinformed or uninformed. • Employers not complying with their duties to provide pensions to their staff.
TPR’s organisational priorities for the next year are based on its analysis of these risks and the likely impact of broader economic and market influences.
The six priorities below reflect the current outlook for the next three years, and if you delve deeper into the Corporate Plan, specific activities are outlined under each priority, which relate to the 2019-2020 financial year.
1. Extending its regulatory reach with a wider range of proactive and targeted regulatory interventions 2. Providing clarity, promoting and enforcing the high standards expected of trusteeship, governance and administration 3. Intervening where necessary so that DB schemes are properly funded to meet their liabilities as they fall due
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Payroll: need to know
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