covers 2011-12 onwards. In some circumstances, pensions savings made between 14 October and 6 April 2011 may be affected.
ANNUAL ALLOWANCE THREE YEAR CARRY FORWARD RULES
28 November 2011 If an individual has a pension input amount of more than £50,000 for a tax year from 2011-12 onwards they may still not be liable for an annual allowance charge for that year. They can carry forward any annual allowance that they have not used in the previous three tax years to the current tax year. This amount of unused annual allowance can then be added to the current year’s annual allowance. This will give them a higher amount of available annual allowance to off-set against that year’s pension input amount. The three year carry forward rule allows an individual to make occasional large amounts of pension savings without having to pay the annual allowance charge. HMRC has revised the guidance on how carry forward works for the transitional years 2008- 09, 2009-10 and 2010-11. Visit HMRC's website for full details. 20 April 2011 The Pensions Regulator has prepared a detailed guide to the workplace pensions reform for software developers. This guide pays particular attention to payroll software because employers will need to accurately assess their workers’ earnings and make pensions contributions to comply with their duties. Payroll software is expected to play a key role to enable employers to do this. You will see on the back page of the guide that that there is a dedicated email address for developers to use if they have questions - pensoftware@thepensionsregulator.gov.uk . Follow this link to download the guidance from The Pension Regulator’s website 27 April 2011 The Pensions Regulator (TPR) has published its fifth Corporate plan how it will help employers prepare for automatic enrolment, improve standards in the defined contribution market, and address funding challenges within different segments of the defined benefit landscape. The Corporate and Business plan 2011-14 details the regulator’s continued focus on educating and enabling employers and the pensions sector, and addressing risks to retirement savings and the Pension Protection Fund. THE PENSIONS REGULATOR SETS OUT HOW IT WILL HELP EMPLOYERS PREPARE Automatic Enrolment GUIDANCE FOR SOFTWARE DEVELOPERS
CIPP Policy News Journal
09/10/2012, Page 141 of 234
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