• Encouraging members to take regulated advice to understand their retirement options • Identifying increased risks in how a member has decided to access their pension funds, and give appropriate warnings of the risks and implications of their chosen option • Sending all DB members requesting a cash equivalent transfer value (CETV) a template letter signed by TPR, the Financial Conduct Authority (FCA) and the Money and Pensions Service, which runs The Pensions Advisory Service • Monitoring CETV requests and informing FCA of unusual or concerning patterns, such as spikes or the same adviser across multitude of requests TPR is also aware of a range of pension scams which are having devastating effects for victims, who have lost, on average, £82,000 of their savings. TPR encourages trustees to follow the Pension Scams Industry Group code of good practice to help protect members and guard them against scammers.
The guidance includes steps on how to carry out due diligence and assess transfer requests. Letter templates for use when communicating with members through the transfer process are also available.
Savers should also be informed about the ScamSmart website, which will help them to protect themselves from falling victim to any pension scams.
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Webinar – Easing the pension pressures during COVID-19 1 May 2020
The Financial Teams to host a webinar that will hear from David Fairs of the TPR and former pensions Minister Sir Steve Webb.
FT.com: Pensions Funding Storm is being held on Friday May 1 at 3pm and will hear from David Fairs, TPR executive director of regulatory policy, Sir Steve Webb, former pensions minister and partner with actuarial firm Lane Clark & Peacock and Judith Fish, Professional Trustee, as they take part in this free webinar to discuss the emergency measures introduced by TPR to ease COVID-19 pressures.
Register in advance via FT.com pension event
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Guidance on the Self-employment Income Support Scheme Published 4 May 2020
The Self-employment Income Support Scheme (SEISS) designed to assist individuals who are classed as being self- employed through the outbreak of coronavirus is due to launch soon. Anyone intending to claim through the scheme should start to prepare now. HMRC has issued guidance on the SEISS, which details who can claim, how much they’ll get, how to claim, what happens after they’ve claimed and other help available. As with guidance relating to the Coronavirus Job Retention Scheme (CJRS), it is highly likely that the information provided will be regularly updated, so individuals should continue to visit this page, to ensure that they remain up to date.
The scheme allows self-employed individuals to claim a taxable grant of 80% of their average monthly trading profits. This will be paid in one single figure, which will cover a period of three months. The maximum amount will be £7,500.
The scheme is temporary but may be extended.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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