PLENARY TWO THE PENSIONS REGULATOR’S (TPR’S) PENSIONSUPDATE ANGELA BELL INDUSTRY OUTREACH LEAD, PENSIONS DASHBOARDS
ANDY NICHOLLS FCIPP INDUSTRY LIAISONMANAGER
This informative update provided delegates with a corporate update from TPR, which included an overview of: ● the new criminal powers TPR has from 1 October 2021 to prosecute those that put pensions savings at risk ● the transformation of TPR’s fifteen current codes into one single code of practice ● driving value for money in defined contribution pensions.
Angela and Andy gave an update on automatic enrolment (AE) and the 2017 review, which included lowering the enrolment age from twenty-two to eighteen and the removal of the lower earnings threshold.
Additionally, an overview of the pensions dashboards was provided, which will allow all savers to access their pensions information in one consolidated place. There was also discussion of pensions implications for payroll, such as salary sacrifice and maternity, qualifying earnings and pensionable pay.
PLENARY THREE HMRC’SUPDATEON THEHEALTHAND SOCIAL CARE LEVY CHIARA CREAN HEAD OF NATIONAL INSURANCE CONTRIBUTIONS (NIC s ) AND NI NUMBER POLICY, HMRC On 7 September 2021, prime minister, Boris Johnson, announced a new health and social care levy, which will be incorporated into NICs rates for tax year 2022/23, but will then be separated out as a new deduction in its own right from, tax year 2023/24 onwards.
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To help payroll professionals, software developers and anyone whose work will be impacted by the announcement, HMRC’s head of NICs and NI number policy, Chiara Crean joined the CIPP’s policy and research officer, Gemma Mullis, to provide an update on the levy. A large chunk of the session was then dedicated to answering any questions that delegates had on the topic, and there were considerations around the ‘domino effect’ we so often witness in payroll departments. That is, that anything new that is implemented in the payroll world will inevitably have impacts on other areas of payroll and pay.
The session was hugely popular and the engagement levels extremely high.
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