The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
HMRC will continue to offer support to deal with any queries up until December 2018 under the scheme reconciliation service .
Guidance on how to create a Comma Separated Variables (CSV) file to request multiple GMP calculations for pension scheme members has been made available on GOV.UK.
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New ministerial team at the Department for Work and Pensions 20 July 2016
Further to our previous news item where the government announced Ros Altmann’s replacement as Penny Mordaunt, it has now been confirmed that the position has been renamed and will be carried out by Richard Harrington.
The new ministerial team at the Department for Work and Pensions is as follows:
Secretary of State – Rt Hon Damian Green MP Minister of State for Employment – Damian Hinds MP Minister of State for Disabled People, Work and Health – Penny Mordaunt MP Minister of State for Welfare Reform – Rt Hon Lord David Freud Parliamentary Under-Secretary for Pensions – Richard Harrington MP Parliamentary Under-Secretary for Welfare Delivery – Caroline Nokes MP
Read the press release from The Department for Work and Pensions on GOV.UK.
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The Pensions Regulator: Annual Report and Accounts 20 July 2016
The Pensions Regulator has published their Annual Report and Accounts which outlines how they have performed in key areas, including automatic enrolment.
The report also details TPR’s approach to increasing the quality of, and confidence in, pensions. They have reached out to a new consumer audience with a refreshed ‘scorpion scams campaign’ and been clear about the standards expected from trustees of DB and DC schemes and their sponsoring employers. In a quarterly update from TPR’s Chief Executive Lesley Titcomb, she says pensions have rarely been more visible than they are at the moment. She talks about the number of large DB schemes that have been hitting the headlines, with the joint Work & Pensions/BIS Committees’ enquiry into the collapse of BHS receiving a huge amount of media interest. TPR have an ongoing investigation into this matter, and aim to have made significant progress by the end of the year. Also mentioned is the need for a more robust regulatory framework for master trust schemes, many of which are receiving thousands of new members as a result of automatic enrolment. The new Pensions Bill proposes to introduce new requirements on these schemes which will give TPR new powers to regulate them, with the aim to ensure master trusts are strong, durable and well placed to deliver good member outcomes. Lesley Titcomb also referred to a statement from TPR in response to the recent EU Referendum. Their key message to trustees and sponsors of occupational schemes is to remain vigilant and review their circumstances, but continue to take a considered approach to action with a focus on the longer. Titcomb said: “Despite the political and economic uncertainty we all now face, we remain focused on protecting the retirement savings of those in occupational pension schemes, and ensure as many people as possible save for retirement through the successful implementation of automatic enrolment”
And finally in the quarterly update, due to the fact that the UK pensions sector will need its regulator to be agile and responsive, the DWP is currently recruiting three Non Executive Directors to join TPR’s board. They are looking for
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