The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Giving people freedom over what they do with their hard-earned savings, whether it’s buying an annuity or taking a cash lump sum, is the right thing to do. These figures show that people continue to take advantage of the choices on offer: choices only made available since the government’s landmark pension freedoms were introduced in April 2015.
We are working with our partners, including Pension Wise, the regulators and pension firms, so that savers have the support they need to understand the options available to them.
People accessing their pensions are also benefiting from the government’s free and impartial pension’s guidance service, Pension Wise which has had over 3.7 million visits to the website and over 100,000 appointments to date.
The government is committed to making pensions fairer, safer and more accessible for consumers. This includes plans to cap early exit fees, allow earlier access to Pension Wise guidance, and work with industry to build a Pensions Dashboard prototype by April 2017. Autumn Statement launched a consultation on the government’s proposed approach to crack-down on pensions scams. This included: banning pensions cold calling giving more powers to firms to block suspicious transfers, preventing people’s lifesavings being transferred into scams without any checks making it harder for scammers to open fraudulent pension schemes, through stopping small self-administered schemes setting up using a dormant company as the sponsoring employer
This consultation closes on 13 February and the government will set out next steps in due course.
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Registered Pension Schemes Relief at Source 31 January 2017
HMRC has updated the relief at source spreadsheet and the electronic flat text file specifications for submitting annual returns information.
Follow the links below for full details. HMRC Registered Pension Scheme Relief at Source spreadsheet A spreadsheet that pension administrators can now send HMRC their RPS RAS information .
HMRC Registered Pension Schemes Electronic Flat Text File Specifications Guidance on submitting Registered Pension Schemes Relief at Source annual information electronically.
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Pension schemes newsletter 84 3 February 2017
HMRC’s latest pension schemes newsletter includes a reminder that from April 2017 QROPS online will no longer be accessible.
QROPS online closing From April 2017 QROPS online will no longer be accessible . Changes to QROPS forms in recent years mean that the system no longer captures the correct information so QROPS online will be closing. Pension scheme administrators and managers of overseas schemes can find more information about the pension tax rules on overseas pension schemes including the latest version of the forms to report information HMRC require, on the overseas pension scheme pages .
Pension schemes newsletter 84 also includes important updates on:
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