Cygnet Retirement Annuity Trust Scheme Fortress Retirement Annuity Trust Scheme Metro Retirement Annuity Trust Scheme Pryce Warner QROPS Resort Group Plc Retirement Annuity Trust Scheme
Jersey
Luca Pensions Ltd.
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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Pensions lifetime allowance to increase 0.5% for tax year 2021-22 22 October 2020 It has been announced that the pensions Lifetime Allowance (LTA) will increase to £1,078,900 from the current figure of £1,073,100, in tax year 2021-22. This is an uplift of 0.5% in line with the rate of inflation that was confirmed on 21 October 2020.
The LTA rises each year at the same rate as the consumer price index figure, and this means that savers will be entitled to an additional £1,450 in tax-free cash in 2021-22.
The LTA means that there is a cap on the amount of pension benefit that can be taken from pension schemes without prompting an additional tax charge, and this is regardless of whether benefits are drawn as a lump sum or as ongoing retirement income. The state pension triple-lock means that it will increase by whichever is highest of 2.5%, average earnings or inflation rates. From April 2021, the state pension will rise by 2.5%, and not the lower inflation rate that has been announced, or the growth in average earnings figure for the May-July quarter, which was -1%. This means that it will be the third consecutive year in which the state pension has increased by more than inflation.
The flat rate state pension will see a rise of £4.40 per week, to bring it up to £179.60, and those on the old system can expect to receive £3.40 more per week, amounting to a weekly figure of £137.65.
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Simplified pension statements on the horizon 22 October 2020
The Department for Work and Pensions (DWP) has confirmed, in its response to the consultation it published on the topic of simpler annual statements, that although shorter and simpler statements are ambitions for schemes, the majority of them have not voluntarily adopted the statement template, freely available to them.
On the topic, it stated “progress remains too slow and is not delivering consistent results”, and “it is unlikely that the voluntary adoption of any approach will lead to sufficient progress across providers as a whole.”
Subsequently, the DWP intends to consult later on in the year in relation to making simpler statement templates for Defined Contribution (DC) schemes used for Auto-Enrolment (AE) mandatory. The two-page statement that was initially constructed during the 2017 AE Review will be used as the starting point in terms of the length, content, and design of pension statements to be used in the future. DWP will work alongside experts in the industry to produce an in-depth design of the template.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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