He was instrumental in the formation of the Pensions Scheme Bill which discusses rules relating to pensions dashboards, collective defined contribution schemes and which also promises to award greater powers to The Pensions Regulator (TPR) to enable it to tackle non-compliance. Mr. Opperman confirmed that he was ‘regretful’ that the general election postponed progression relating to the bill but maintained that it would be revisited as there was cross-party support for it.
There seemed to be widespread support for Mr. Opperman’s reappointment, as reported by Pensions Expert. The partner at pensions consultancy LCP, David Everett, commented that it was :
“Encouraging for a post in which continuity over the years has been sadly lacking. But with the prospect of a major reshuffle the other side of Brexit, whether Mr Opperman will be around to steer the Pension Schemes Bill through parliament and to engage with all the consequential regulations yet to come, remains to be seen.”
The director of policy at The People’s Pension, Gregg McClymeont said:
“Pensions are a long-term project and it is crucial to have continuity in policy approach. The minister’s focus must be on building on the huge success of auto-enrolment by bringing more workers under the scheme.
Lowering the minimum age from 22 to 18, decreasing the earnings threshold from £10,000 to the primary national insurance threshold, and calculating people’s pension contributions from the first pound they earn could put billions more into savers’ pension pots. It is also crucial that the government comes good on its manifesto pledge and provides a firm timeline to review the tax flaw that’s depriving more than 1.7m lower earners of much-needed tax relief on their pension contributions. Fairness demands this issue is fixed.”
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Recognised overseas pension schemes notification list 3 January 2020
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been seven scheme names added to the list, and none removed. No amendments have been cited in this update.
A very welcome change is that HMRC now list the updates, as follows.
Schemes added
Australia
Chauhan55 Super Fund De Souza Superannuation Fund Denby Horwell Family SMSF McConalogue Superannuation Fund S&D Warrs Self Managed Superannuation Fund
Canada
Cidel Alternate Retirement Plan (“CARP”)
Jersey
Different Corner Limited
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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