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Pensions Industry Stakeholder Forum minutes 22 December 2016
The minutes from the meeting the latest Pensions Industry Stakeholder Forum have been made available.
One of the areas under discussion was the Annual Allowance:
The new annual allowance calculator launched on 28 September 2016 as a beta version. HMRC confirmed that changes are being made based on feedback received, such as adding in the 2012 to 2013 tax year into the calculator. HMRC also confirmed they have a list of other changes to the calculator and they will prioritise these further amendments between the end of November and December 2016.
HMRC confirmed that there is work in progress to look at annual allowance content on GOV.UK to improve the customer journey and provide clearer guidance on tapered annual allowance.
Read what else was said about the tapered annual allowance and many other useful topics, in the Pensions Industry Stakeholder Forum Minutes from the meeting held on 19 October 2016.
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Reminder about the SA deadline for declaring annual allowance tax charges 4 January 2017
Pension scheme members who exceeded the 2015 to 2016 annual allowance and do not have sufficient unused annual allowance to carry forward from previous tax years will have to pay a tax charge.
It is important that these members declare their 2015 to 2016 annual allowance charge on their Self-Assessment tax return.
The deadline for submitting the 2015 to 2016 Self-Assessment tax return is 31 January 2017 .
More information about the annual allowance and paying the annual allowance tax charge is available on GOV.UK at Tax on your private pension contributions .
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Pensions accolades in the New Year Honours list 4 January 2017
Former pensions minister Steve Webb has received a knighthood and The Pensions Regulator’s Charles Counsell has received an OBE.
Steve Webb was the pensions minister in charge seeing through the introduction of both automatic enrolment and the state pension triple lock. He was also at the helm when pension freedoms were introduced. His knighthood has been awarded for political and public service.
Charles Counsell, executive director of auto-enrolment at The Pensions Regulator, has been awarded an Order of the British Empire (OBE) for his services to workplace pension reform.
The New Year Honours lists 2017 recognise the achievements of a wide range of extraordinary people across the UK. In total 1,197 people have received an award; visit GOV.UK for full details.
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