The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
This tax exemption will be available for salary sacrifice arrangements between an employer and employee. Additionally, where an employer reimburses an employee for pension advice they have arranged, this will be covered by the exemption. It will be possible to combine this tax exemption with the Pensions Advice Allowance to enable individuals to access up to £1000 of tax advantaged financial advice. The use of one exemption does not prevent an individual from accessing the other.
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QROPS Online Service closing in April 2017 14 February 2017
The online service for managing qualifying recognised overseas pension schemes (QROPS) will close on 5 April 2017 .
Changes to QROPS forms in recent years mean that the system no longer captures the correct information so HMRC is closing QROPS online.
Managers and administrators of overseas pension schemes must report information to HM Revenue and Customs about overseas pension schemes, including transfers to and payments from QROPS.
Users 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 .
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Warning - NEST scam emails 15 February 2017
Be aware that fraudsters are sending emails purporting to be from NEST saying that an amount (in excess of normal contributions) will be debited from the recipients account.
A comment on Accounting Web’s Any Answers has warned people about the phishing email sent out recently which claims to be from NEST. Apparently the email is an impressive fake with all the formatting and wording identical to a genuine message. One of the signs of a scam email is incorrect grammar and typos and this email apparently contained no errors.
The piece notes that NEST has confirmed that the messages are not genuine and should not be opened.
NEST’s Twitter timeline also confirms this and contains other reports of people receiving these emails.
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State pension forecasts may be wrong 22 February 2017
A digital service launched by the Department of Work & Pensions (DWP) last April allows people to check their state pension forecast, but their accuracy is in doubt.
More than 2.5m people have already used the online service which was launched when the new state pension was introduced. It allows anybody to log in, type in some personal details and find out a key figure - how much their state pension will be worth each week.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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