adversely affect pension schemes which contain rules reflecting the effect of the contracting out rules (rather than cross referring directly to those rules) and which have not yet amended their rules.
Please see the article published on the HMRC website on 23 March for further details.
Comments should be sent by email to Pensions Policy by 27 June 2012.
PENSION SCHEMES SERVICES CONTRACTING OUT FORMS
4 July 2012
Following the ending of contracting out on a defined contribution basis from 6 April 2012 HMRC has revised Forms APSS 101, APSS 155A and APSS 155B and their completion notes.
Visit HMRC's website for full details
WITHDRAWAL OF CONTRACTING-OUT DEFINED CONTRIBUTION (DC) FORMS
11 March 2013
The CA series of forms have been available on the HMRC website for the last year to allow time for any late notifications to be submitted, following the abolition of contracting out on a defined contribution basis from 6 April 2012. These forms will be removed from HMRC website on 1 April 2013 so if you are yet to make arrangements to secure protected rights and have not yet notified HMRC of these arrangements you should do so as soon possible.
Automatic Enrolment
AUTOMATIC ENROLMENT EARNINGS THRESHOLDS CONFIRMED
28 March 2012
The Department for Work and Pensions have confirmed that the Automatic Enrolment rates for the new tax year will be aligned with tax and NICs thresholds.
In the government response ‘Automatic enrolment earnings thresholds review and revision’ , the majority of the responses favoured alignment with the PAYE threshold for the automatic enrolment trigger and alignment with the National Insurance contributions lower and upper limits for the qualifying earnings band. The response proposed the following which the government have accepted for the 2012/13 tax year:
£8,105 for the automatic enrolment earnings trigger; £5,564 for the lower limit of the qualifying earnings band; £42,475 for the upper limit of the qualifying earnings band.
Within the response it states that the government recognises the advantages of alignment with the tax and National Insurance contributions thresholds. However, a lock-in to any particular approach may not be suitable or sustainable in the event of any future developments in the structure of tax and National Insurance, changes in expected savings
CIPP Policy News Journal
12/04/2013, Page 228 of 362
Made with FlippingBook - Online magazine maker