The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
This report is published quarterly and is next due in January 2017.
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TPR seeks redress for 20,000 BHS pension scheme members 9 November 2016
The Pensions Regulator (TPR) has confirmed that it has formally begun enforcement action to seek redress on behalf of the BHS pension schemes.
TPR has sent 'Warning Notices' – statements of its case – to Sir Philip Green, Taveta Investments Limited, Taveta Investments (No. 2) Limited, Dominic Chappell, Retail Acquisitions Limited.
Each notice runs to over 300 pages, and sets out the arguments and evidence as to why TPR believes the respondent should be liable to support the BHS pension schemes, following the sale of the business in March 2015 and its subsequent insolvency. The notices set out evidence to support the use of both TPR’s Contribution Notice (CN) and Financial Support Direction (FSD) powers. A CN demands a specified sum of money, and an FSD requires respondents to put ongoing support in place for a pension scheme, which must first be agreed with TPR.
Chief Executive Lesley Titcomb said:
“We have been clear in our public commitment to make significant progress by the end of 2016 and the issue of these notices meets that commitment.
Our decision to launch enforcement action is an important milestone in our work to attain redress for the thousands of members of BHS schemes who have been placed in this position through no fault of their own.
Issuing Warning Notices at this time reflects the outcome of our investigations and that we are yet to receive a sufficiently credible and comprehensive offer in respect of the BHS schemes.
We continue to pursue the best deal for members of the BHS pension schemes. If parties wish to approach us with settlement offers, that course remains open to them.”
Those who have received Warning Notices now have a specified period of time to respond with their comments and representations in relation to the warning notice. TPR’s case teams will then consider these before the case can be passed to TPR’s Determinations Panel, which operates at arm’s length from TPR’s case teams and decides on the exercise of some of TPR’s most significant powers, including CNs and FSDs.
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Pension schemes newsletter 82 7 November 2016
The latest Pension Schemes Newsletter has been published by HMRC which contains updates and guidance on pension schemes.
Relief at source One of the items in the newsletter is about pension schemes operating relief at source – these schemes were due to submit their annual return of individual information for 2015 to 2016 (also known as the RPSCOM100(Z)) by 5 October 2016. The deadline has passed but there are still a number of these returns outstanding. In readiness for the introduction of the Scottish rate of Income Tax (SRIT) HMRC has been working to help scheme administrators of relief at source pension schemes to submit their annual return on time. This is really important because when SRIT is introduced HMRC will use the data submitted on these returns to:
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