The CIPP Policy team represent members at the HMRC Statutory Payment Consultation Group Forum (SPCG). Full details of this Forum including previous minutes are available on GOV.UK at this link .
Class 3A Voluntary National Insurance contributions
4 April 2014
Pensioners and those who reach pension age in the next 2 years will be able to get up to £25 of additional State Pension a week.
Pensioners and those who reach pension age in the next 2 years will be able to acquire up to £25 of additional State Pension a week under plans set out by the Pensions Minister.
The State Pension top up will be available from October 2015 to all those reaching State Pension age before 6 April 2016.
The scheme will allow people the opportunity to get inflation-proofed additional State Pension by making Class 3A Voluntary National Insurance contributions.
The cost of a State Pension top up is based on a person’s age and takes average life expectancy into account. For a 65-year-old an extra £1 of pension a week will be £890, whereas for a 75-year-old the contribution rate for the same amount of pension is £674.
A calculator is available online which illustrates the contribution rates based on age and how much people wish to increase their additional pension by.
Minister for Pensions Steve Webb said:
“The State Pension top up will provide an opportunity for people to boost their retirement income by up to £25 a week. This is another bold action in how we build a stronger economy through choice in retirement income. The scheme will give them a guaranteed, index-linked return and will be particularly attractive for women pensioners who will draw the higher pension for longer. It will also help the self- employed, who currently qualify for only the basic State Pension.”
Read the full press release
Regional Employer NICs Holiday
REGIONAL EMPLOYER NICs HOLIDAY FOR NEW BUSINESSES
21 March 2013
HMRC has issued an update regarding the end of year process required for Employers who have qualified for NICs Holiday during 2012-13.
The 2012-13 Employer NICs Holiday End of Year Returns (form E92) will shortly be posted to all employers who have successfully applied for the scheme, or to agents where HMRC has received the appropriate instructions to do so. The returns should arrive by 30 April 2013. In circumstances where a return has not been received for a particular client by this date, please contact the Employer Helpline on 08457 143 143. Although HMRC looked at the possibility of introducing an electronic facility for submitting the 2012-13 return, the costs of such a solution coupled with the limited duration of the scheme which ends in September 2013 did not make this a viable option.
CIPP Policy News Journal
16/04/2014, Page 242 of 519
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