The Chartered Institute of Payroll Professionals
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• An individual has flexibly accessed their pension • An individual has taken only part of their pension pot and will not be taking regular payments • The pension body is unable to make a tax refund
To make a claim, individuals can use the online form, complete the form on-screen and print and post to HMRC, or print off the form, complete by hand and post to HMRC.
To submit a claim online, there is the requirement of having a Government Gateway user ID and password. Where there is no user ID, one can be created at the point of claiming.
If an individual has taken all of their pension pot, they must use form P50Z or form P53Z.
The form should be completed with information regarding any other income that an individual may expect to receive during the tax year to ensure that HMRC repays the correct amount of tax. Where final figures are unknown, the most accurate estimates should be used. HMRC will conduct checks at the end of the tax year and make contact where amounts are different. Individuals should retain pay and tax records. Older people who are on a low income can contact the independent charity Tax Help for Older People if they require free tax advice.
Where individuals are not UK residents for tax purposes, there is no requirement to complete the form. They can either:
• Check how to make a claim under a double taxation agreement • Phone the Savings helpline
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Plans for the Pensions Dashboards Programme unveiled in call for input 2 June 2021
The Pensions Dashboards Programme (PDP) has published a call for input, which discusses detailed proposals relating to the various different stages of the project.
The first schemes that will be required to provide data for the pensions dashboards in 2023 according to the document will be master trusts and those pension providers that are regulated by the Financial Conduct Authority (FCA). Staging is going to be split into three stages. Initially, those schemes that have over 1,000 members will need to provide data to the dashboards. Medium-sized schemes, with between 100 and 999 members will be expected to submit their data next, and finally, small and micro schemes, with 99 or less members will be required to provide the relevant data last. The first stage will start in April 2023 and will run for a period of up to two years, at which point master trusts and FCA- regulated providers will need to submit their data. Within the same year, defined contribution schemes used for auto- enrolment will be expected to provide their data and then, all remaining occupational schemes with more than 1,000 members will be required to provide their data. It is anticipated that the second stage will not begin until the majority of large schemes have connected their data successfully, which will probably not happen prior to 2024. The date of the third and final stage will be confirmed in line with the Integrated Service Provider (ISP) market emerging. There is no definitive date by which all schemes should be sharing their data with pensions dashboards within the call for input.
Using this timeline, it could be that 99% of pensions will be “in scope for dashboards within two years from the first staging date”.
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The Chartered Institute of Payroll Professionals
Payroll: need to know
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