The Chartered Institute of Payroll Professionals
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‘‘Financial education is key to supporting employees at this uncertain time. Employers have an important role to play in creating a culture which encourages their people to talk about their money worries and supports their general wellbeing. Offering financial seminars, giving access to Employee Assistance Programmes (EAPs), and providing crucial support for retirement planning are all important. Pension freedom legislation has given people more flexibility and choice when it comes to choosing how to use their savings at retirement. However, it is desperately concerning that many savers are overwhelmed by the choices they face at retirement but are reluctant to pay for independent financial advice and are sleepwalking into retirement. The pensions industry and government must work together to support today’s retirees in making the right choices for what might be long and, hopefully, financially comfortable retirements. Consolidating pensions should not be left to when people are approaching retirement. Consolidating pensions when you start a new job is a great way of making sure you keep track of them, will help to maximise those savings for longer, and contributes to be tter retirement planning.’’
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Pension schemes newsletter - September 2023 Published: 27 September 2023 Emailed: 27 September 2023
HM Revenue and Customs (HMRC) has published the ‘ Managing pension schemes service newsletter — September 2023 ’. The newsletter is published by HMRC’s pension schemes services to update stakeholders on the latest news for pension schemes.
Here are some of the key highlights: •
event reports – pension scheme administrators and practitioners can now use the managing pension schemes service to create, compile and view event reports in-year, for the tax year 2023/24 onwards
• Accounting for Tax (AFT) returns - if you need to submit an AFT return for the quarter 1 July 2023 to 30 September 2023, you’ll need to do this by the filing deadline of 14 November 2023 to avoid interest and penalties
• pension scheme return - from April 2024, a new function will be introduced that allows you to submit a pension scheme return on the managing pension schemes service
• migrating your pension scheme - take action to migrate your pension schemes now.
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Public service pensions remedy newsletter Published: 21 August 2023 Emailed: 23 August 2023
HM Revenue and Customs (HMRC) has released a newsletter exploring the changes and news surrounding the public sector pensions remedies, commonly known as the McCoud remedy.
The newsletter covers the following items:
• The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No.2) Regulations 2023 • reporting of annual allowance (AA) tax charge for 2022 to 2023 • scheme pays extended to fully retired members • scheme administrator applications for repayment of overpaid tax • lifetime allowance (LTA) excess lump sum that is no longer a lifetime allowance excess lump sum due to the remedy • benefits from member voluntary contributions (MVCs) in payment before the remedy comes into force • changes consequential to Finance (No2) Act 2023.
cipp.org.uk
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