The Chartered Institute of Payroll Professionals
News On Line
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been seven scheme names added to the list, and one removed. No amendments have been cited in this update.
A very welcome change is that HMRC now list the updates, as follows.
Schemes added
Australia
Christensen Family SMSF JDeeZBee55Plus Superannuation Fund 0 And 0 Superfund Phillips One Superfund
R & L Blott SMSF Thomas WA Super
Netherlands
VisualFabriq Revenue Management B.V. by Brand New Day
Schemes removed
Australia
Kidby 55 Plus Super Fund
An updated list of ROPS notifications is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.
The requirements to be a ROPS changed from 6 April 2017 - find out about the changes for ROPS requirements.
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31 October set to be National Pension Tracing Day 14 September 2021
The UK’s first National Pension Tracing Day will be launched on 31 October 2021.
This is the date on which the clocks go back, and people are being urged to use this additional hour to trace their lost pensions.
Scottish Widows, Aegon, Legal & General and Standard Life are backing Punter Southall Aspire in asking the pensions industry for its support in helping people to act over pension pots that have either been lost or forgotten. It is thought that figures amount to approximately £19.4 billion across 1.6 million pension pots. Pensions Expert reports that job changes and house moves can be two huge factors contributing to the lost pensions problem. It has been established that, on average, people switch jobs 11 times and move jobs eight times and forget to notify their pension providers.
The Department for Work and Pensions (DWP) has stated that this could result in as many as 50 million lost pensions by 2050.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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