Pension schemes newsletter 90 – August 2017 1 September 2017
HMRC’s latest pension schemes newsletter includes an important update on the new pensions online service to be introduced in April 2018.
In Pension Schemes Newsletter 89 HMRC explained that pension scheme registration and administration will move onto the Pensions Online Digital Service so that they can improve the service for Pension Scheme Administrators (PSA). The plan was to migrate existing registered pension schemes as well as scheme administrator IDs across to the new service from April 2019. However, to allow existing administrators to register new schemes on the new service, HMRC has decided to transfer existing scheme administrator data onto the new service a year earlier, by April 2018. HMRC will cleanse the data before thee move this across so they only migrate up to date details to the new service, but they need help with this. All PSAs should log onto the Pensions Schemes Online as soon as possible and check that their scheme administrator details are complete and up to date.
See section 6 of Pension schemes newsletter 90 for further details on this.
The newsletter also contains updates and information on:
Annual allowance Relief at source for Scottish Income Tax Qualifying recognised overseas pension schemes Event report – save and submit Lifetime allowance look up service for PSAs
Back to Contents
Websites carrying anti-scam messaging could be fraudsters in disguise 5 September 2017
Rogue pension websites are carrying anti-scam messages to try to trick consumers into believing that they are legitimate businesses, The Pensions Regulator (TPR) has warned.
The message comes as TPR welcomes new measures to ban pension cold calling that will help prevent potential victims from being stripped of their savings by fraudsters.
The Department for Work and Pensions (DWP) has announced that it will bring in legislation for a cold calling ban, tighter rules to prevent the opening of fraudulent pension schemes and restrictions to prevent transfers into scam schemes.
TPR remains concerned about the opportunity for scam websites to claim fresh victims by targeting the vulnerable or those with limited pensions knowledge.
The multi-agency Project Bloom taskforce – led by TPR and including the DWP, HM Treasury, the Financial Conduct Authority, HM Revenue and Customs, the Serious Fraud Office, City of London Police, the National Fraud Intelligence Bureau, The Pensions Advisory Service, and the National Crime Agency – was set up to tackle pension scams.
A number of suspected scam websites have been referred to TPR over the suspicion that they are being dressed up as legitimate investment vehicles – including carrying the Bloom campaign’s anti-scam material without TPR’s consent.
Some even imply they are regulated by carrying warning messages designed to prevent people falling victim to scams, such as making reference to the tax implications over accessing your pension before the age of 55 and the danger of cold callers.
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
Page 449 of 516
Made with FlippingBook - Online magazine maker