Guy Opperman said:
“Given the risks that the growth of deferred small pots presents to savers and their ability to plan for retirement, it is imperative that we find a solution.
I'm very pleased that representatives from across the industry are now convening to consider ways to combat this, and their progress reports will provide valuable insight for tackling this issue together.”
The Pensions and Lifetime Savings Association (PLSA)’s full press release is available here.
CIPP comment
The CIPP sits on the Small Pension Pots Working Group, with the intention of conveying the views of the payroll profession in relation to this ever-growing issue. If you have any feedback you would like us to provide at the next meeting, then please send it across to the Policy team, at Policy@cipp.org.uk. Thank you in advance.
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The Pensions Regulator extradites pension fraud suspect to the UK 30 March 2021
In a first, The Pensions Regulator (TPR) has worked in conjunction with the police to secure the extradition of 61-year- old, Alan Barratt, from Spain to the UK, in relation to a pension fraud prosecution case.
Barratt, originally from Essex, was arrested in Alicante and, on 20 March 2021, appeared at Westminster Magistrates’ Court. He was released on conditional bail, must stay in the UK and give up his passport, and the case has been postponed until 13 April 2021. He is accused of fraud by abuse of position, along with two other individuals, relating to their time spent as trustees of pension schemes. Between 2012 and 2014, TPR states that 245 savers were encouraged to transfer pension savings equating to £13.7 million into 11 pension schemes, which were controlled by the aforementioned individuals. Susan Dalton, 65, from Greater Manchester and Julian Hanson, 56, of Batley are the individuals accused along with Barratt. Dalton appeared at Westminster Magistrates’ Court on 8 January 2021, and Hanson appeared on summons on 29 January 2021.
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Countdown Bulletin 54 30 March 2021
In the latest edition of the Countdown Bulletin, there is an update on the issuing of final data cuts
In the previous edition of the Bulletin (Countdown Bulletin 53), HMRC confirmed that it planned to complete the issue of the final data cuts by the end of July 2020. There were no substantial delays to that date, and all output received from the final data cut scans was issued to the pension scheme administrator registered on HMRC systems.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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