The Chartered Institute of Payroll Professionals
Policy Bi-Monthly Newsletter – September 2016
General Pensions News
Local government pension scheme changes 28 July 2016
Government proposals to force the 89 local government pension funds to invest in infrastructure projects have prompted over 100,000 people to sign a petition calling for a debate in Parliament.
The proposals are part of the government’s attempt to create six new multi-billion pound British wealth funds. UNISON is concerned that the move could take away funds’ ability to invest in the best interests of local government pension scheme (LGPS) members. If these changes come into force, it could mean the new funds replace government funding for roads, bridges and railways, which might not give LGPS members the best possible return, says UNISON. UNISON general secretary Dave Prentis said: “It’s time ministers granted a debate in Parliament on the future of the local government pension scheme. No other pension fund in the UK has this level of interference, and it’s important that MPs can scrutinise proposals affecting one of the largest schemes in the UK.
There must be proper consultation on the introduction of the new wealth funds, one that must involve unions in any investment decisions.
Ministers must allow council pension funds to make their own decisions on where they invest the current and future pension pots of care workers, teaching assistants and social workers, and allow them to get the best return.”
The text of the parliamentary petition is available here . The government’s response to the petition is available here .
Pension schemes newsletter 80 29 July 2016
The latest pensions schemes newsletter from HMRC Includes information about their new lifetime allowance online service which replaces the interim paper process for applying for fixed and individual protection.
HMRC has now launched our new online service for pension scheme members to apply to protect their pension savings from the lifetime allowance tax charge. From now on, members who want to apply for lifetime allowance protection will have to do so online.
This service replaces the interim paper process for applying for fixed protection 2016 (FP2016) and individual protection 2016 (IP2016) and replaces the online form for applying for individual protection 2014 (IP2014).
Guidance for pension administrators has been updated to reflect the new online service which details what you need to do if your members protect their pension from the lifetime allowance reduction.
Other topics in Pension schemes newsletter 80 - July 2016 include pension flexibility statistics and relief at source - annual returns of individual information for 2015 to 2016.
NISPI Countdown Bulletin - August 2016 8 August 2016
The National Insurance Services to Pensions Industry (NISPI) has published their latest Countdown Bulletin which provides information about the ending of Contracting-out, part of the New State Pension which was brought in on 6 April this year.
Included in the bulletin are details of the next Pension Forums which will be taking place in September. Places are limited so book now to avoid disappointment.
Also included in the bulletin is the message that HMRC will not, with effect from 5 August 2016, accept any more requests to register for the Scheme Reconciliation Service.
cipp.org.uk
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