Don’t let a scammer enjoy your employees’ retirement 2 July 2019
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are urging employers to get to know their responsibilities and help protect staff from becoming victims of pension scammers.
The regulators recommend four simple steps that employers can share with their staff to protect them from pension scams:
1. Reject unexpected pension offers whether made online, on social media or over the phone 2. Check who you’re dealing with before changing your pension arrangements. Check the FCA Register or call 0800 111 6768 to see if the firm or person you’re dealing with is authorised by the FCA 3. Don’t be rushed or pressured into making any decision about your pension 4. Consider getting impartial information and advice in some cases you may be required to do so
If your staff think they’ve been, or are at risk of becoming, a victim of a pension scam, report it .
A booklet, poster and more information for you to share with your staff can be found on the TPR website.
Back to Contents
Top executives pension contributions 5 July 2019
Pension contributions made by employers for their top executives and other workers are being scrutinised by shareholders and regulative organisations regarding inequality.
With the strengthening of the UK Corporate Governance code in July last year organisations must align executives’ pensions with those available to the wider workforce, or provide an explanation why they are failing to do so. The Financial Reporting Council set these accounting standards and have the force of law for listed companies to prepare annual reports. The situation was made worse with the introduction of Tapered Annual Allowance (TAA) in 2016, as this meant that large additional cash payments were necessary to maintain the real level of pension benefits executives historically enjoyed. TAA limits tax relief on contributions up to £10,000 per annum, any contributions above this are taxed at the individual’s marginal rate. Contributions over this amount are often given as a cash allowance and these payments attract income tax in a way that pension contributions do not.
To muddy the waters further there is also a gender problem as well as there are fewer women who hold senior positions.
More on this in employee benefits
Back to Contents
New fair and consistent pension scheme for Royal Mail 5 July 2019
In his foreword for the Delivering Collective, Defined Contribution and Pension Schemes consultation published in March 2019, Pensions Minister Guy Opperman MP stated that the UK has a world-class occupational pension system, but there is always opportunity for further innovation and improvement.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 540 of 629
Made with FlippingBook - Online magazine maker