The draft Statutory Instrument and draft Explanatory Memorandum makes a number of amendments to the: Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations 2006 (SI 2006/206) Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 (SI 2006/208) Registered Pension Schemes and Overseas Pension Schemes (Electronic Communication of Returns and Information) Regulations 2006 (SI 2006/570) Registered Pension Schemes etc (Information) (Prescribed Descriptions of Persons) Regulations 2010 (SI 2010/650) The changes set out in the draft Statutory Instrument introduce: a requirement for an overseas scheme to report payments out of funds transferred from UK pension scheme even if it is no longer a QROPS (and enable the scheme managers to report that information electronically), a penalties regime for non-compliant former QROPS, a system for scheme managers to re-notify HMRC that they meet the conditions to be QROPS a relaxation of the benefits tax relief test for overseas public service schemes and pension schemes of international organisations Full details of draft QROPS (Qualifying Recognised Overseas Pension Scheme) can be found at the website of HMRC. Comments should be emailed, by no later than the 21 June 2013 to Pensions Policy
CONSULTATION: PENSIONS TAX RELIEF - INDIVIDUAL PROTECTION FROM THE LIFETIME ALLOWANCE CHARGE
11 June 2013
HM Revenue & Customs and HM Treasury have published a consultation about the detail and implementation of an individual protection regime to accompany the reduction in the pensions lifetime allowance. The consultation document sets out the framework of how individual protection 2014 will work, and seeks views on aspects of the detail of this protection regime and the draft legislation and follows the government announcement on 5 December 2012 that to support its objective of a system of pensions tax relief that is fair, affordable and sustainable, for 2014-15 onwards the Annual Allowance would be reduced from £50,000 to £40,000 and the Lifetime Allowance would be reduced from £1.5 million to £1.25 million.
The consultation will run until 2 September 2013.
PENSIONS MINISTER URGES EMPLOYERS TO PROVIDE THE BEST PENSION THEY CAN
13 June 2013
Pensions minster Steve Webb has said organisations have a duty to their employees to provide them with the best workplace pension they possibly can.
Whilst praising employers for “stunning examples” of firms going the extra mile to engage employees during auto-enrolment (AE) resulting in opting-in becoming the norm. He also
CIPP Policy News Journal
16/04/2014, Page 427 of 519
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