HM Revenue & Customs has published technical update and impact assessment information as a result of changes to secondary legislation which affect the Annual Allowance (AA) and Pension Protection fund (PPF). This Annual Allowance – technical improvements will impact upon members of registered pension schemes who have savings for a tax year in excess of the Annual Allowance. Scheme Administrators of registered pension schemes along with advisers of clients who are members of registered pension schemes will also be affected. This legislative change has become necessary to increase the flexibility of the Annual Allowance ‘scheme pays’ facility along with making an addition to the information that scheme administrators must provide to HMRC in connection with this facility. The new regulations will come in to force on 31 May 2013. The change to scheme administrators reporting requirements will apply to returns made on or after this date, and the easement to the scheme pays rules will have retrospective effect from 6 April 2013. The Pension Protection Fund – miscellaneous amendments will affect some individuals who are, or who will, receive 'pension' compensation from the Pension Protection Fund (PPF) in place of pension benefits originally due from the registered pension scheme. Regulations will be introduced to ensure that pension compensation payments made by the PPF which are subject to a pension compensation sharing order, or are lump sums below certain limits (trivial commutation lump sums) will be taxed in the same way as if the payment had been made by the original registered pension scheme. The regulations will also ensure that certain small value lump sum payments to be made in respect of money purchase funds will be treated for tax purposes in the same way as trivial commutation lump sums.
The legislation will apply from 31 May 2013
Full details of both amendments and the impact assessments can be found at the HMRC website.
DWP - PENSION STAKEHOLDERS NEWSLETTER
13 May 2013
Following a recent flurry of announcements and publications affecting the world of Pensions the DWP’s Pensions Stakeholder Team have circulated a Newsletter update.
Pensions Bill - As you will have seen, in the Queen's Speech at the State Opening of the 2013 - 2014 session of Parliament on Wednesday [8 May 2013] the Government announced its intention to introduce the Pensions Bill. The Bill was introduced into Parliament yesterday [9 May 2013] and has been published today [10 May 2013]. Steve Webb, the Minister for Pensions, tabled a Written Ministerial Statement this morning outlining the key elements in the Bill. The Written Ministerial statement can be found at: http://www.parliament.uk/documents/commons-vote-office/May-2013/10th-May-2013/9.DWP- Pension-Reform.pdf and the full Pensions Bill, and explanatory notes, can be found at http://services.parliament.uk/bills/2013-14/pensions.html In addition to the publication of the Pensions Bill we have also published a number of supporting documents. I've provided direct links to each document below, but they are also available on the Pensions Bill webpage on GOV.uk https://www.gov.uk/government/organisations/department-for-work- pensions/series/pensions-bill
CIPP Policy News Journal
16/04/2014, Page 424 of 519
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