He said: "It is in the best interests of the pension scheme members and the Pension Protection Fund that an employer does not become unnecessarily weakened as the result of the trustees' demands."
IMPROVEMENTS TO HMRC PENSIONS ONLINE
28 March 2013
HMRC has made a number of enhancements to Pension Schemes Online, which will be available from 6 April 2013.
The online service will be unavailable for a few days around this date to allow these changes to be made. Please see the service availability pages at HMRC website for exact details.
The enhancements impact on:
Annual allowance scheme pays
From 2011-12, the annual allowance for tax relief on pension savings for individuals was reduced, resulting in more people being liable to an annual allowance charge. Where an individual has an annual allowance charge liability above £2,000 they can, in certain circumstances, elect for the pension scheme to pay part or all of the charge on their behalf. Scheme administrators must report the tax charges using the quarterly Accounting for Tax (AFT) return. For annual allowance charges arising in 2011-12 this would mean reporting by the quarter ending 31 March 2014 and filing the AFT and paying the tax charge by 15 May 2014. Administrators opting to pay part or all of the annual allowance charge will also need to specify the tax year to which the charge relates when completing the AFT.
Transfers to qualifying recognised overseas pension schemes (QROPS)
Since 5 April 2012 all transfers to a QROPS have been reported by scheme administrators on form APSS262. Accordingly, two questions on the Event Report which relate to QROPS will be removed from Event Reports for 2013-14 and later as they will no longer be relevant. Event Reports for 2012-13 and before will retain these questions.
Scheme registration of investment regulated reportable changes
Scheme administrators registering a scheme at present can specify that the scheme is investment regulated and that all of those investments held by the scheme comprise contracts or policies of insurance. From 6 April 2013 scheme administrators registering a new scheme will only be asked to specify whether the scheme is investment regulated or not. The corresponding question about insurance has been removed from both the registration process
OTS REPORT - PENSIONER TAXATION
23 January 2013
The office of Tax Simplification has issued its final report on Pensioner Taxation.
The report sets out a number of recommendations for change. The recommendations have been grouped within two key areas, administration and policy (legislation).
CIPP Policy News Journal
16/04/2014, Page 416 of 519
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