Malta
STM Harbour Retirement Scheme SICAV P.L.C
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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Form P55 for tax year 2020-21 6 May 2020
HMRC has published the new P55 repayment claim form for use for the tax year 2020-21.The form P55 should be used by individuals to reclaim an overpayment of tax when they have flexibly accessed part of their pension pot. They can claim back from HMRC if they have either flexibly accessed their pension, they have taken only part of their pension and will not be taking regular payments, or if their pension body is unable to make the tax refund. Claims can be made by either using the online form, completing the form on-screen, printing it off and posting it to HMRC or printing off the form, completing it by hand and posting it to HMRC. In order to claim online, claimants will require a Government Gateway user ID and password, but if they do not have a user ID, one will be created when they claim.
For individuals who have used all of their pension pot, they should use form P50Z or, alternatively, form P53Z.
The form should be completed with details of any other income that an individual expects to receive during the tax year to ensure that HMRC repay the correct tax figure. Where final figures are not known, the most accurate estimate needs to provided, in whole numbers, and rounded down to the nearest pound.
HMRC will perform checks at the end of the tax year and contact individuals if the amount is different. Individuals should retain their pay and tax records.
Older individuals with lower incomes can call the independent charity Tax Help for Older People if they require free tax advice.
Individuals not classed as a UK resident for the purposes of tax do not need to complete the form and can either check how to make a claim under a double taxation agreement or phone the Savings helpline.
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The Pensions Regulator urges trustees to prioritise pension switches between Defined Contribution schemes 14 May 2020
The Pensions Regulator (TPR) has advised trustees to prioritise pension switches to ensure that they are completed with sufficient time so that savers aren’t penalised during the COVID-19 pandemic.
In updated guidance, TPR reiterated to trustees how switches between Defined Contribution (DC) schemes are a “core financial transaction” and frequently used by savers to access their pension funds so they must remain a priority despite the outbreak of coronavirus.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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