providing coverage via twitter throughout Philip Hammond’s speech so be sure to tune in on the day #AutumnBudget2017 . And we will also provide our concise summary of relevant announcements after the event which will be published on the news page of our website.
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Recognised overseas pension schemes notification list 17 October 2017
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list. 15 schemes have been added, 3 removed and 1 amended.
An updated list of ROPS notifications is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected. The requirements to be a ROPS changed from 6 April 2017. You’ll need to check that the scheme you’re transferring to on or after that date meets the new requirements. HMRC can’t guarantee these are ROPS or that any transfers to them will be free of UK tax. It’s your responsibility to find out if you have to pay tax on any transfer of pension savings. HMRC will usually pursue any UK tax charges (and interest for late payment) arising from transfers to overseas entities that don’t meet the ROPS requirements even when they appear on this list. This includes where the ROPS requirements have changed and where taxpayers are overseas. HMRC will also charge penalties in appropriate cases.
Find out about the changes for ROPS requirements .
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Project Bloom: Use your eyes and ears to avoid pension scams 19 October 2017
The Pensions Regulator (TPR) has launched new online messaging urging consumers to keep their eyes and ears open for pension scams.
One of the new pieces of animation being circulated by TPR via Facebook , Twitter and YouTube reminds viewers to watch out for scam sites that dress themselves up with anti-scam messaging to pose as legitimate businesses.
The second focuses on the need to hang up immediately on pension cold callers.
TPR leads Project Bloom, a multi-agency taskforce which is working with government, the pensions industry, law enforcement agencies and other regulators to combat pension scams.
Between July and the beginning of October, TPR’s Industry Liaison team travelled around the country meeting financial advisers in every region of England and in Scotland, Wales, Northern Ireland and the Isle of Man to spread the warning about fraudsters. They spoke to hundreds of advisers at events organised by the Personal Finance Society (PFS) to help them prevent their clients falling victim to scammers. Feedback for the events has been wholeheartedly positive, with many advisers saying that they will be sending out fresh messages to their clients to remind them of the threat of scams.
Five signs of a scam to be aware of are:
The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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