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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NEST calls for pre-set retirement options to protect savers in retirement 3 November 2017
NEST, the National Employment Savings Trust has responded to the Work and Pensions Select Committee’s inquiry on pension freedoms, providing evidence that advice and guidance alone will not meet the needs of millions of savers approaching and entering retirement. NEST’s evidence calls for a simple solution: pre-set retirement options that meet high minimum standards of governance. These would extend Trustee oversight for members who don’t opt out, helping them get the most out of their pension savings for the rest of their lives.
The scheme is concerned that without these options in place, their members face multiple risks including paying too much tax, being scammed, paying higher costs or spending too little or too much in their retirement.
NEST, with over 5 million members and thousands of retirees, also found that most of their members either haven’t thought about what they’ll do when they get to retirement, or simply expect NEST to pay them an income at that point.
NEST say this highlights a disconnect between savers’ expectations and the reality of having to make ongoing, complicated decisions throughout retirement with little support.
Read the full press release from NEST.
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Countdown bulletin 30 - November 2017 8 November 2017
The latest Countdown bulletin provides an update on the Scheme Reconciliation Service timeline and highlights that there is only one year left to raise any queries using the scheme.
The countdown bulletins are produced by the National Insurance Services to Pensions Industry (NISPI) and 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. Communication to individual scheme members In previous countdown bulletins it has been said that HMRC would start to issue statements to individuals with details of their contracted-out history after December 2018. It has now been agreed with the Department for Work and Pensions (DWP) that there won’t be any communications sent to individuals as previously planned. This change is being made because there have been developments in the provision of pension scheme information since the changes to end contracting-out started.
The State Pension Forecast service ‘ Check your State Pension ’ is now available to everyone on GOV.UK or via the Personal Tax Account.
Read more from Countdown bulletin 30 - November 2017 .
Previous editions of the Countdown Bulletin are available on GOV.UK.
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The Chartered Institute of Payroll Professionals
Policy News Journal
cipp.org.uk
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