`The Chartered Institute of Payroll Professionals
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plan 2 – £27,295
•
• Postgraduate masters and doctoral loans – to be announced.
Mortgage style loans From September 2022 the interest rate will be 9%, in line with RPI.
The deferment threshold for these loans will be £35,092.
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New CEO appointed at the Student Loans Company Published: 13 October 2022 Emailed: 19 October 2022
The Student Loans Company (SLC) has appointed a new chief executive, Chris Larmer. Larmer is currently the executive director of operations and will replace Paula Sussex at the end of the year.
Larmer has 30 years of experience in the finance sector, he was director of customer at strategy at the Co-operative bank. Previous to this, he also worked at Barclays, Virgin Money, Tesco Bank and the Royal Bank of Scotland. Chris said: “I am honoured to have been appointed SLC’s next CEO and to be given the opportunity to lead such an important organisation. SLC has an inspiring vision and mission – we make a real difference to the lives of our customers and to the future prosperity of the UK economy. “Paula has done an exceptional job in driving SLC forward in our transfo rmation journey and we are a better organisation because of her leadership. I look forward to continuing this work as we strive to deliver an outstanding customer experience to our eight million customers.”
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Student loan thresholds for 2023/24 confirmation from HMRC Published: 16 January 2023 Emailed: 18 January 2023
Due to the fractured nature of student loans it can be hard for payroll professionals to keep track of the latest rates. Plan 4 is released by Scotland, plan 2 is frozen and with new types on the horizon, it’s hardly straightforward.
Luckily, HM Revenue and Customs (HMRC) releases technical specifications intended for software developers to get calculations right. But it also means we get all the information in one easy to read place ahead of the new tax year, such as the collection of student loans guidance page.
Plan type
Annual threshold
Recovery rate
Plan 1 Plan 2 Plan 4
£22,015 £27,295 £27,660 £21,000
9% 9% 9% 6%
Postgraduate
It may feel a bit early to start thinking about the new tax year, but it never hurts to be prepared.
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