The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
New GOV.UK content on Overseas Pension Schemes 5 January 2017
HMRC has created a new overseas pension schemes page on GOV.UK to make it easier for customers to find the information they need.
This new overseas pension scheme web page has lots of useful information and links to help overseas scheme managers and members of overseas pension schemes keep up to date with the UK pension tax rules.
Information inlcudes:
latest overseas pension schemes news overseas pension schemes updates
guidance for members of overseas pension schemes guidance for overseas pension scheme managers forms needed to make reports to HMRC.
Taxation of non-UK registered pension schemes Under Pension Tax for overseas pensions , Chapter 3 has recently been added – ‘Taxation of non-UK registered schemes’ which details guidance in relation to the changes to the conditions to be an ‘overseas pension scheme’ and a ‘recognised overseas pension scheme’.
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Countdown Bulletin 22 – January 2017 10 January 2017
This countdown bulletin provides important guidance and information to pension scheme administrators about the ending of contracting-out - part of the New State Pension which was brought in on 6 April 2016.
The countdown bulletins are produced by the National Insurance Services to Pensions Industry (NISPI).
The latest edition (issue 22) includes information from the new Customer Relationship Manager, queries on the reconciliation of active members closure scan and a useful Q & A section under the Guaranteed Minimum Pensions checker.
Read the Countdown Bulletin for full details.
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Automated pension data sees 76% reduction in number of payroll reports 13 January 2017
The Royal County of Berkshire Pension Fund saved an estimated 604.1 hours of administrative work over six months, and ended its struggles with updating member data by introducing an automated data exchange.
In a report by Pensions Expert The administering authority for the fund, also saw a 76 per cent reduction in the number of reports produced by its payroll department after piloting the software with 15 employers. It now spends just half a day a month on payroll data transfers, compared with 12 days previously.
Despite the oft-praised efficiency benefits, experts said take-up of automated data feeds has been relatively slow, in part due to the wide variation of systems and processes among pension schemes.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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