The newsletter (issue 95) is published by HMRC’s Pension Schemes Services to update stakeholders on the latest news for pension schemes. Topics also covered in this newsletter are:
Pension flexibility statistics Updates to form APSS146E New pensions online service Information powers and Schedule 36 of the Finance Act 2008 Reporting of non-taxable death benefits Changes to postal address Feedback on pension schemes newsletters
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Overseas pensions: recognised overseas pension schemes notification list 2 February 2018
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. 16 schemes have been added to the list.
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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Pensions Regulator fines trustee of NOW: Pensions 8 February 2018
The Pensions Regulator (TPR) has fined the trustee of NOW: Pensions and has given a deadline for the long-running issues with the pension scheme to be fixed.
TPR has been actively monitoring NOW: Pensions due to concerns about the governance and administration of the scheme, including delays processing contributions and communicating with members.
TPR has issued an Improvement Notice and Third Party Notice which are designed to make the trustee and NOW: Pensions Limited focus on resolving the issues as swiftly as possible, for the benefit of all of the affected members.
The trustee has assured TPR that there is no risk to any of the funds that NOW: Pensions has collected on behalf of members. The trustee and NOW: Pensions Limited have also agreed to set up a scheme of compensation for members who have been affected.
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