The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Scope of consultation
This consultation applies to England, Wales and Scotland.
The consultation period began on 26 May 2016 and will run until 23 June 2016. Any submissions received after that date may not be taken into account.
Full details of the British Steel Pensions Scheme consultation paper can be found along with a two page summary factsheet at GOV.UK.
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Spread the word and make sure we can all spot a pension scam 6 June 2016
Citizens Advice recently published research that shows that nine in ten people miss common warning signs of a pensions scam and that as many as 10.9 million consumers have received unsolicited contact about their pension in the last year.
Gillian Guy, chief executive of Citizens Advice said:
“Fraudsters have shifted their tactics to rob people of a retirement income.
“It’s difficult for consumers to stay ahead of pension scams as they evolve. Many scammers use professional looking websites and leaflets to fool their victims into signing up to free pensions advice or cold call with offers of unusually high investment returns. “Before considering any kind of pension offer, you should check the Financial Conduct Authority’s website to make sure the company is legitimate. If you are worried that you may have been targeted by scammers you can get help and support from Citizens Advice. “If you are over 50, Pension Wise guidance can equip you with the knowledge of what to look out for to avoid falling victim to scams.”
The Citizens Advice Too good to be true report is available to read in full at the Citizens Advice website.
Do you know the top ten signs of a pensions scam?
The Pensions Regulator provides a ten step guide for individuals to help them to spot a scam as well as advice and information for business advisers and trustees to help them protect their clients and scheme members.
Be wary of cold calls and unsolicited texts or emails Check everything for yourself Make sure your adviser is on the Financial Conduct Authority approved register
Check the FCA's list of known scams Steer clear of overseas investment deals Don't fall for 'guaranteed' returns or professional looking websites or brochures Don't be rushed into a decision If you're aged 50 or over and have a DC pension, talk to Pension Wise Ask The Pensions Advisory Service for help if you have doubts Contact your provider and call Action Fraud if you've already signed and think you've been scammed
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Pension scheme administrators operating relief at source 8 June 2016
Guidance has been updated to reflect the two year easement for claiming relief at source at the rest of the UK basic rate and not the Scottish Rate of Income Tax until April 2018.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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