The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
The National Insurance Services to Pensions Industry (NISPI) has published their latest countdown bulletin which provides information about the ending of Contracting-out.
Issue 17 of the Countdown bulletin has a number of updates, including:
Schemes Ceasing to Contract-out As advised in Countdown Bulletin 14, Schemes that cease to contract-out prior to 6 April 2016 need to notify HMRC of the event. Recent CRM contact with scheme administrators has highlighted that a number of schemes have ceased but HMRC has not been informed.
To help HMRC with their planning, it would be really useful to notify them of these cessations as soon as possible by completing form APSS155A and sending it to:
HMRC - Pension Schemes Services Fitzroy House Castle Meadow Road Nottingham NG2 1BD
Scheme Cessation In recent Countdown Bulletins and at the Pension Conference held last year, NISPI advised that they were looking at ways to improve the Scheme Cessation process in readiness for December 2018. Once a scheme has reconciled their membership via the Scheme Cessation process, HMRC will request Method of Preservations (MOP’s) for all members. Where the scheme fails to notify HMRC of the MOP’s within 6 weeks then they will record a MOP of “preserved in scheme” and close the file.
Possible Pension Forums in September We are currently considering whether to hold more Pension Forums in September.
We would like to discuss with you the ‘Closure scan’ which is due to take place in December. The scan will close off open periods of Contracting-out using the Scheme Contracted-out Number that has been provided by employers on their Full Payment Submissions during 2014 to 2015 and 2015 to 2016. However before we finalise arrangements we would like to know what else you want to discuss at these forums. This is your opportunity to inform the agenda so please send your thoughts on topics to Pension Forums .
Other subjects covered in issue 17 of the Countdown bulletin include the Guaranteed Minimum Pension (GMP) Checker, GMP Increments, the Scheme Reconciliation Service (SRS) and a DWP update.
Back to Contents
New Pensions Bill should protect savers and build on success so far 27 May 2016
The Pensions and Lifetime Savings Association (PLSA) says the new Pensions Bill is an opportunity for the government to secure the success of automatic enrolment and pension freedoms and lay down a sure foundation for a long-term savings policy in the UK to protect savers.
The new Pensions Bill was announced in the recent Queen’s Speech . The PLSA has laid down five ways that the government can make it a Pensions Bill for savers:
Ensure stable pensions policy by establishing an Independent Retirement Savings Commission A commission will help ensure savers’ long-term interests are at the heart of pensions policy and rebuild savers’ belief that they can save for their retirements today, confident the goal posts won’t be moved radically tomorrow. Safeguard savers from scams by removing transfer requirement on trustees The Pensions Bill should ensure that any scheme receiving a transfer would have to be listed on a registry of legitimate transfer schemes maintained by the Pensions Regulator Help savers make good decisions under pension freedoms by empowering trustees. Help savers make good decisions under pension freedoms by empowering trustees The Pensions Bill should give trustees and providers powers to help savers spot good value products that are likely to work for them by signposting scheme members to products with a Retirement Quality Mark.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
Page 500 of 588
Made with FlippingBook - Online magazine maker