The Minister for Pensions and Financial Inclusion launched a cross-sector group on 22 September 2020 which looked to examine the scale and nature of deferred, small pots, looking at the whole of the automatic enrolment (AE) pensions market, with a particular focus on Master Trust schemes. The CIPP policy team were amongst those invited.
The report, by the group, sets out recommendations on how to tackle the growth of deferred members with small pension pots within the AE pensions market and has now been published. A copy of the report can be found here.
The topic areas covered within the report are:
The deferred, small pots challenge
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• Member-led solutions – analysis and recommendations • Scheme-led solutions – analysis and recommendations • Micro-pots • Administrative processes to support large-scale transfer and consolidation solutions • Working group suggested next steps and outline roadmap
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Recognised overseas pension schemes notification list 19 January 2021
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been 11 scheme names added to the list, and two schemes have been removed. No amendments have been cited in this update.
A very welcome change is that HMRC now list the updates, as follows.
Schemes added
Australia
AK Robinson Super Fund Clayton Ford Super Fund Crellin Super Fund
D and L Ridgway SMSF Super Fund Divinus Locus Superannuation Fund M&D Downes Super Fund Ruscojul Super Fund SM& MC Dickinson Superfund Weight Family Super Fund Yeandle Superannuation Fund
Schemes removed
Isle of Man
ZJP SIPP
Malta
Synergy International Pension Plan
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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