The Chartered Institute of Payroll Professionals
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- pension scheme return - make sure your pension scheme administrator details are up to date. The pension scheme return will be used to ensure compliance with the Finance Act 2004. This means HMRC will ask for more information than used to for previous pension scheme returns completed on the pension schemes online service. HMRC will be extending the requirement to submit a pension scheme return to more schemes, this means even if you have not previously received a notice to file a pension scheme return, you might in the future - types of pension scheme return - there will still be two types of the pension scheme return, standard and self-invested personal pensions (SIPP). The type of scheme you have registered will determine which pension scheme return you will have to complete.
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Pension scheme newsletter – January 2024 Published: 30 January 2024 Emailed: 31 January 2024
HM Revenue and Customs (HMRC) has published the ‘Pension schemes newsletter 155 – January 2024’. 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:
• lifetime allowance (LTA) abolition ― legislative changes . Following on from the working groups that were held in the Autumn, HMRC has planned further LTA working groups on:
- Thursday 8 February 2024 (transitional arrangements) - Wednesday 14 February 2024 (reporting requirements)
If you attended working groups in the Autumn, you will already be on the invite list. If you did not attend in Autumn and would like to join either meeting, email policypensions@hmrc.gov.uk and put ‘ LTA Working Group’ in the subject heading
• relief at source (RAS) - from 22 January 2024 HMRC started issuing January 2024 notification of residency status reports. A tax residency status can also be checked using the look up service. check your members’ residency status for relief at source
• retained firefighters - following the lengthy employment tribunal pension claims process, retained firefighters can now convert their pension membership and join the Fire Authorities Scheme. The individuals National Insurance record will be amended, and appropriate adjustments will be paid to the employer and the customer
• managing pension schemes service - system downtime – as a result of some routine updates, the service will be offline from 5pm on Friday 16 February 2024 to 9am on Thursday 22 February 2024.
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February pension schemes newsletter Published: 26 February 2024 Emailed: 28 February 2024
This month’s Pension Schemes Newsletter is short but brings some useful information for those dealing with public sector pension remedies.
This edition covers: •
Lifetime allowance abolition
Pension scheme return
•
cipp.org.uk
Page 252 of 314
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