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- lump sum reporting: tax deducted must be reported and paid through payroll. Until changes can be made to the Real Time Information (RTI) programme to identify these separately, some existing data items from 6 April 2023 need to be used. A table has been illustrated to show what to enter for the different data items - payroll systems should be updated by no later than 30 September 2023. Until systems are updated, the tax should be deducted using the current year P45 for the member, or using the emergency tax code, on a month 1 basis. Once systems are updated, tax deducted from payments from 6 April 2023 onwards must all be reported and paid, issuing any outstanding P45s
• managing pension schemes service - take action to migrate your pension schemes from the pension schemes online service to the managing pension schemes service now
- event report: the event report functionality for 2023/24, on the managing pension schemes service will be released this summer. Submission for a new event report or amending an existing event report for 2022/23 or earlier, can be done on the pension schemes online service
- filing Accounting for Tax (AFT) returns: 14 August 2023 is the deadline for returns for the quarter 1 April 2023 to 30 June 2023
- pension scheme return: from April 2024, pension scheme returns for the tax year ending 5 April 2024 must be submitted on the managing pension scheme service, instead of using the pensions scheme online service - if you have migrated your scheme before April 2024, you’ll receive a notice to file a pension scheme return, with a filing deadline of 31 January 2025. But if you migrate your pension scheme after 31 October 2024, notices to file for the tax year 2023/24 will have a filing deadline of three months from the date of issue. If you delay migrating your schemes further, notices to file for any applicable years will automatically be issued and backdated to the tax year 2023/24 - if no pension scheme return is received by the specified filing deadline, a £100 penalty will be charged. Daily penalties of up to £60 may also apply if the return is still not submitted. You can find more information on reporting to HMRC.
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TPR survey shows DC schemes are failing to meet expectations Published: 6 July 2023 Emailed: 12 July 2023 The Pensions Regulator (TPR) released findings from a 2022 annual survey, regarding trust-based occupational defined contribution (DC) schemes. According to the survey, too many DC schemes especially smaller ones, are failing to meet expectations on assessing value. Trustees of DC schemes have a legal duty to produce a value for members (VFM) assessment and include the findings in their annual chair’s statement. The survey comprised quantitative interviews with individuals (such as trustees, scheme managers or in-house administrators) involved in managing 342 DC schemes of differing sizes, 23 of which were master trusts. The findings showed a lack of awareness from small schemes around new value for members assessments and that smaller schemes are less likely to take action on financial risks, caused by climate change than larger ones.
Nicola Parish, Executive Director of Frontline Regulation at TPR, said:
“Trustees of small schemes should ask whether the best decision they can make for their members is to put them into a better-run, better-value scheme and wind up.
The upcoming joint value for money framework will increase transparency and competition in the market, so now is the appropriate time for trustees to evaluate whether they can compete with the best master trusts in offering value for money.”
cipp.org.uk
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