MY CIPP
PAYROLL news
LPC reveals response to its new remit THE LOW Pay Commission (LPC) has released a statement on steps being taken to address its updated remit. The new remit, provided by the Labour government in July 2024, asked the
Commission to factor the real cost of living into its estimates and recommendations for the national living wage (NLW). It was also asked to come up with a plan to bring the lower age threshold for NLW down to 18 years old. Read more here: https://ow.ly/yzim50ThqGc. In its statement, the LPC revised its estimate for the 2025 NLW up to between £11.82 and £12.39, with a central estimate of £12.10. Read more here: https://ow.ly/ W5sb50ThqPB.
To make steps towards the abolition of the 18–20-year-old rate, the LPC’s interim aim for 2025 is to reduce the gap between this rate and the NLW one. This potentially indicates a larger percentage uplift for younger workers in the coming year. As always, the rate is predicated on wider analysis of the labour market, economy and impacts on business and the low paid. The LPC has been asked to deliver its full report and recommendations to the government by the end of October, coinciding with the autumn budget announcement.
Recognised Overseas Pension Schemes (ROPS) notification list The LIST of ROPS notifications has been updated. The list is of schemes that have told HM Revenue and Customs (HMRC) they meet the conditions to be a ROPS and have asked to be included on the list. The schemes added are: l Andrew Hobbs Superfund (Australia) l Woolff Madew Super (Australia) l Niajuh Limited (Jersey) l AI-InfraSolutions B.V. (Netherlands) l Allianz Direct Ingaand Zeker Pensioen (Netherlands). The schemes amended are: l Clifton ROPS Fund (Australia) l E D Bennett Superannuation Fund (Australia)
l Speight Superfund (Australia) l Tracey Delves Super Fund (Australia) l Jalna Personal Pension Scheme (Netherlands).
An updated list of ROPS notifications is published on the first and fifteenth day of each month. If this date falls on a weekend or UK public holiday, the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected. The requirements to be a ROPS changed from 6 April 2017. Find out about the changes for ROPS requirements here: https://ow.ly/roFB50ThrBo.
Diary dates
2-3 October
The CIPP’s Annual Conference and Exhibition
5 October
Last day of tax month 6
First day of tax month 7
6 October
Last day for submitting a real time information employer payment summary to apply to tax month 6 Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non-electronic method Deadline for payment of PAYE and NICs under a PAYE Settlement Agreement (PSA) by non-electronic method Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by electronic method
19 October (this is a weekend date)
22 October
Deadline for payment of PAYE and NICs under a PSA by electronic method Last day of tax month 7
5 November 6 November
First day of tax month 8
| Professional in Payroll, Pensions and Reward | October 2024 | Issue 104 12
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