the quarter ending 31 March 2014 and filing the AFT and paying the tax charge by 15 May 2014. Administrators opting to pay part or all of the annual allowance charge will also need to specify the tax year to which the charge relates when completing the AFT.
Transfers to qualifying recognised overseas pension schemes (QROPS)
Since 5 April 2012 all transfers to a QROPS have been reported by scheme administrators on form APSS262. Accordingly, two questions on the Event Report which relate to QROPS will be removed from Event Reports for 2013-14 and later as they will no longer be relevant. Event Reports for 2012-13 and before will retain these questions.
Scheme registration of investment regulated reportable changes
Scheme administrators registering a scheme at present can specify that the scheme is investment regulated and that all of those investments held by the scheme comprise contracts or policies of insurance. From 6 April 2013 scheme administrators registering a new scheme will only be asked to specify whether the scheme is investment regulated or not. The corresponding question about insurance has been removed from both the registration process
Public Sector Pensions
DISCUSSIONS CONCLUDED ON PUBLIC SERVICE PENSIONS DETAILS
15 March 2012
Discussions have now concluded with health, education and civil service unions on details for new public service pension schemes to be introduced from 2015.
The Treasury have published a press release with the following details:
Heads of Agreement on the main elements of scheme design were reached on 20 December 2011 for the NHS Pension Scheme, the Principal Civil Service Pension Scheme and the Teachers’ Pension Scheme. Further work on the remaining details has taken place between departments and trades unions. Discussions have now concluded for these schemes and Proposed Final Agreements, based on the Heads of Agreement reached on 20 December, have been published today by departments. These Proposed Final Agreements remain in line with the approach set out in Lord Hutton’s report and will mean that public service pensions remain among the very best available. The agreements also continue to deliver the Government’s key objectives on linking Normal Pensions Age to State Pension Age and moving to schemes based on career average salary, while protecting those closest to retirement. While most workers will be asked to retire later and pay more towards their pension, at the same time, most low and middle earners working a full career will receive pension benefits at least as good, if not better, than they get now. Those less than ten years from their Normal Pension Age on 1 April 2012 will continue to be protected from these changes. Details agreed include, a process with trades unions for assessing the equalities impacts of these reforms; clarification on death in service and other ancillary benefits, such as the treatment of members who leave active service but rejoin within five years; and options for members to contribute more in order to top up their pension if they choose to retire early. The
CIPP Policy News Journal
12/04/2013, Page 280 of 362
Made with FlippingBook - Online magazine maker