The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
identify Scottish taxpayers notify pension scheme administrators of the correct relief at source rates to apply to their scheme members in the following tax year. If you are a pension scheme administrator operating a relief at source pension scheme but have yet to receive a notice requiring you to submit this information, please email pensions.businessdelivery@hmrc.gsi.gov.uk and put ‘Relief at Source’ in the subject line of your email. Submit annual return on paper? HMRC are also looking to contact scheme administrators who currently submit their annual return of individual information in paper format and we are particularly interested in understanding what these scheme administrators need from an online service.
If you would be interested in helping HMRC with their user research details of who to contact are at the end of the relief at source section.
Pension schemes newsletter 82 also includes articles on:
Bridging pensions Registration statistics
Sale of lifetime annuities Pension flexibility statistics Overseas pension schemes - GOV.UK content
Lifetime allowance Annual allowance
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The Registered Pension Schemes (Provision of Information) (Amendment No. 2) Regulations 2016 10 November 2016
Draft regulations have been published for a period of technical consultation.
HMRC has published draft regulations and draft explanatory memorandum for a technical consultation. The draft regulations make changes to the Registered Pension Schemes (Provision of Information) Regulations 2006.
When a lump sum death benefit is paid to a trust, the draft regulations require scheme administrators to provide information to the trustee on the amount of lump sum death benefit and tax paid by the scheme administrator. The draft regulations also require trustees to pass on the same information if they then use the lump sum death benefit to make a payment to an individual beneficiary of the trust. This will ensure the trust beneficiary has the information they need in order to claim a refund of the excess tax paid by the scheme administrator over and above the tax at their marginal rate.
Comments on the drafts should be sent by email to pensions.policy@hmrc.gsi.gov.uk by 5 December 2016.
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Scrap the state pension triple-lock, says Committee 10 November 2016
The state pension triple-lock will worsen an economy already heavily skewed towards baby boomers and against millennials, and it should be scrapped, says the Commons Work and Pensions Committee in its report. The Committee is calling on all government parties to get behind the proposal for a smoothed earnings link for the state pension.
The Work and Pensions Committee says retaining the triple-lock would lead to state pension expenditure accounting for an ever greater share of national income: unfair and unsustainable, and more so in times of fragile public finances
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