The Committee invites written evidence on any or all of the following by Monday 23 October 2017 , including recommendations for improvements in each case: What are people doing with their pension pots and are those decisions consistent with their objectives? Is there adequate monitoring of the decisions being made? Are people taking proportionate advice and guidance and if not, why not? Are people adjusting behaviour in response to advice and guidance? To what extent will pensions dashboards enable consumers to make more informed decisions about their retirement savings? What are the remaining obstacles to their creation and success and how should those obstacles be overcome? Is Pension Wise working? If not, how should it be reformed? Are there any implications for the proposed creation of a new single public financial guidance body? Are there persistent gaps in the advice and guidance market and what might fill them? Is automated advice and guidance filling gaps as expected? Is there evidence of product market competition resulting in cheaper, clearer or a wider products for consumers? Are people switching from their pension provider in accessing their pots? Is an adequate annuity market being sustained? Are the Government and Financial Conduct Authority taking adequate steps to prevent scamming and mis- selling? Are the freedom and choice reforms part of a coherent retirement saving strategy? To what extent is it complimentary to or undermined by other policies?
Follow this link to read the Terms of Reference and to respond to the inquiry.
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Pension schemes newsletter 91 – September 2017 2 October 2017
HMRC recently launched the lifetime allowance scheme administrator look-up service online. Read about this and more in HMRC’s latest pension schemes newsletter.
The Pension schemes newsletter 91 also contains updates and information on:
Relief at source for Scottish Income Tax New pensions online service Reporting the overseas transfers charge on the Accounting for Tax Return (AFT) Annual allowance Pensions tax registration
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Countdown Bulletin for October published 2 October 2017
These monthly Bulletins provide guidance and updates to pension scheme administrators about the ending of contracting-out - part of the new State Pension which was brought in on 6 April 2016.
The countdown bulletins are produced by the National Insurance Services to Pensions Industry (NISPI).
Scheme Reconciliation Service (SRS) – late expressions of interest In August 2016 NISPI informed us that HMRC will no longer accept late expressions of interest to register for SRS. Since then the position has been monitored and in exceptional circumstances late expressions of interest will now be accepted. For further details see Countdown bulletin 28 – October issue, which also includes updates on
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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