savers’ interest,” said Gregg McClymont, shadow pensions minister. “This would reduce bureaucracy, reduce risks and cut costs for savers.”
In spite of rising concerns, the government said it would press ahead with reforms it had been developing since 2011, saying that recent research had suggested they had public support. “Now is the time for action, and pot-follows-member is what the public say they want,” said Steve Webb. “The only amendments available to vote on Wednesday would kick this policy into the long grass. We need to get on with this, and enable people to build-up worthwhile pots in a single place.” The Association of British Insurers, which supports the government’s approach, said current initiatives “should ensure that no pension pot is automatically transferred to a scheme which has excessive charges or poor governance”.
Countdown to end of Contracting-out
10 March 2014
HMRC has published the first in a series of bulletins to keep you updated about activities linked to the ending of contracting-out as a result of the introduction of Single-tier Pensions in April 2016. HMRC are still finalising their working assumptions and will use this series of bulletins to build up a comprehensive picture of how the changes will be implemented as the proposals on how to bring an end to contracting-out develop.
The following will be covered in this edition:
Background to the ending of contracting-out including an activity timeline The Scheme Reconciliation Service Scheme Contracted Out Number (SCON) Mandation Apparent Un-notified Terminations (AUTs).
Countdown Bulletin - Issue 1
Pensions Industry Stakeholder Forum
14 March 2014
HMRC has published the latest set of minutes from the Pensions Industry Stakeholder Forum.
This forum focuses on operational rather than policy issues and is the main route of engagement between HMRC and representative bodies.
The CIPP policy team sits at this forum and if you have any issues that you would like to put forward to the agenda of this forum, please email Samantha Mann .
Minutes of the HMRC Pension Industry Stakeholder Forum - 22 November 2013
Pension charges to be capped at 0.75% from 2015
28 March 2014
CIPP Policy News Journal
16/04/2014, Page 447 of 519
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