The Chartered Institute of Payroll Professionals ……………………………………………………………Policy News Journal
Together they have designed and developed the behind-the-scenes technology which could eventually allow people to find all of the pension savings belonging to them among over 60 million different pension pots, administered by thousands of different schemes and pension providers. The Department for Work and Pensions has also provided resources to enable the State Pension to be incorporated in dashboards in the future.
The government’s objective is for the service to be available to consumers by 2019, and for it to be offered by a range of different providers rather than by a single, central service.
Yvonne Braun, ABI Director of Long-term Savings and Protection Policy, said: “It sounds obvious that in 2017 everyone should have easy online access to all their pension information in one single place of their choice – yet the practicalities of making that happen are very complex. The prototype demonstrates once and for all that the technological hurdles can be overcome. Giving people access to clear information about all their pensions has the potential to revolutionise how they think about saving for their retirement…” HM Treasury is hosting a TechSprint event on April 12th and 13th in conjunction with the ABI and Aviva. Developers and pension experts from over 20 leading technology firms will compete over 24 hours to develop and show-off examples of the potential applications the prototype dashboard system can unlock for consumers.
For anyone interested in finding out more about how the Pensions Dashboard will work, the ABI has a Q&A on their website along with additional useful information.
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FAQs on Foreign Pensions 5 April 2017
The Pensions Industry Stakeholder Forum has shared the FAQs from the technical consultation on foreign pensions in Schedule 3 of Finance Bill 2017 published on 5 December 2016.
Examples of some of the questions asked during consultation:
Why will 100% of a foreign pension be taxable from 6 April 2017 when no UK tax relief was given on the pension savings when they were accrued? Will the taxation of 100% of foreign pension from 6 April 2017 also apply to payments out of a qualifying recognised overseas pension scheme (QROPS)? How will UK tax rules apply to foreign pension savings that have had UK tax relief on contributions (such as migrant member relief or double taxation relief) where the savings span 6 April 2017? Will the new rules on lump sums apply to payments made from overseas employer-financed retirement benefits schemes (EFRBS) out of funds built up, or rights accrued, prior to 6 April 2017?
The FAQs will become available on GOV.UK but in the meantime they are accessible through the link below.
FAQs on Foreign Pensions
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Recognised overseas pension schemes (ROPS) notification list 10 April 2017
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated. 21 schemes have been added to the ROPS notifications list , 11 removed and one amended.
From 6 April 2017 the requirements to be a ROPS changed. The notifications list will be suspended on 14 April 2017 and a revised list will be published on 18 April 2017. At that time you will need to check the list to ensure you’re transferring to a scheme that appears on the revised list.
Find out more about the changes for ROPS requirements .
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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