Steve Webb, policy director at Royal London, the life insurance and pensions company, commented
“This admission means that potentially thousands of people may have failed to declare large pension inputs on their tax return and could face a large bill when HMRC finally catches up with them.
The shocking saga around the annual allowance for pension tax relief gets worse. We now have HMRC admitting that they know that people are forgetting to put information about their pension tax bills on their annual return.”
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The Pensions Regulator’s director of Auto -Enrolment due to step down in 2020 29 November 2019
Darren Ryder, the director of Auto-Enrolment (AE) at The Pensions Regulator (TPR) will leave the business in 2020. No specific date has been provided at this stage.
In a press release on 27 November, the Regulator confirmed that Mr. Ryder would be stepping down after initially joining the company on a six-month secondment, which resulted in a much longer period of employment totalling eight years. Mr. Ryder worked as the Head of Compliance and Enforcement before adopting the role of Director of the AE programme in 2017.
Mr. Ryder successfully implemented the Kiwi-Saver in New Zealand and joined TPR shortly after. He is leaving the company to focus on assisting other countries intending to roll out auto enrolment programmes.
The Chief Executive of TPR, Charles Counsell commented:
““Darren has made a huge contribution to the successful delivery of automatic enrolment in the UK, with more than 10 million people now saving into a pension.
Darren only planned to be with us for six months, and he stayed for eight years, supporting me and the wider TPR team through the design, build and delivery of automatic enrolment. I am hugely grateful to him for the difference he has made, and I wish him every success in the future.”
Darren Ryder said:
“I have thoroughly enjoyed my time at TPR and am immensely proud of the work the team has achieved together. I know that I am leaving committed, talented people who will continue to build on the success of AE, ensuring that millions more people can save with confidence for their retirement.”
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Pensions net pay anomaly: an introduction 2 December 2019
Along with other stakeholders and those with a vested interest in ensuring consistency and fairness across the provision of pensions, the CIPP has been working to address a pensions net pay anomaly, which can affect low earners in one way but also affects those with earnings in the higher tax brackets in a different way. Employers operate one of two pension scheme types in relation to auto-enrolment. One of those schemes is the net pay arrangement pension. This involves deducting an employee’s pension contribution from their gross pay, prior to tax deductions - the theory behind this being that it reduces the amount of tax an individual pays. The other is the relief at source arrangement. In a scheme of this nature, pension deductions are taken from the employee’s net pay - after tax deductions - which forms 80% of the contribution. The remaining 20% is claimed back as tax relief from HMRC and
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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